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GST Schemes in Singapore

What are the General GST Schemes in Singapore?

1. Cash Accounting

This Scheme is to assist in the cash flows of a small business. Small business is defined as annual turnover not exceeding SGD 1 million in a fiscal year.

2. Discounted Sale Price

Under this Scheme, the business will levy GST based on 50% of the sales price (i.e., when you sold a second-hand or a used vehicle in Singapore). This scheme does not require any prior approval from IRAS.

3. Gross Margin

GST Schemes Singapore | GST Registered Business Advisor SingaporeFor 2nd-hand car dealers, if you purchased goods without GST, you may use this Scheme. Under this Scheme, you can GST and account for GST.

4. Hand-Carried Exports

This Scheme is only applicable for business who wish to use 0% rate when selling goods to overseas customers. The customers will hand-carry the goods out of Singapore via Changi Airport.

5. Import GST Deferment

Under this Scheme, at the point of import, businesses need not make GST payment for their imports. The GST payments are made when the GST returns are due.

6. Major Exporter

Under this Scheme, non-taxable goods GST is not required when the goods are removed from 0% GST warehouse and at the point of import.

7. Tourist Refund

Under this Scheme, GST-registered businesses may engage Central Refund Agency to provide the refund of GST to tourists or operate as an independent retailer.

8. Zero GST Warehouse

Singapore Customs administer this Scheme. For non-taxable overseas goods, input GST is not required for products moving into a Zero GST Warehouse. Once these products leave the Zero GST Warehouse, GST is payable.

We assist business to comply with GST Act and to overcome the technical and practical challenges.

For a custom quote, please complete the quotation form and our GST Service Team will contact you to understand your needs.