Description
GST stands for Goods and Services Tax. In Singapore, this indirect tax is levied on goods and services being supplied across Singapore. It’s also applicable to the import of products into Singapore. Submission of GST return brings considerable benefits to businesses registered in Singapore. With a GST-registered business/ concern in Singapore, the GST that is incurred on day-to-day or any legitimate business purchases.
In case, the tax paid by a business in Singapore exceeds what’s calculated as the collection amount, the difference can be claimed as the GST refund in which case concerned parties need to contact the Inland Revenue Authority of Singapore (IRAS). According to the taxation law in Singapore, certain goods and services are exempted from GST. Whether your Singapore-based business deals in a lot of taxable goods/ services or any amount of merchandises, you can always use insights and expertise of trusted accounting professionals in Singapore. That’s what we at DT Accounting can help with.
