The Ministry of Finance is proposing five amendments to the GST Act:
a. Two amendments are to give effect to announcements made in the 2022 Budget Statement on 18 February 2022.
i. The first proposed amendment effects the change in GST rate from 7% to 8% from 1 January 2023, and from 8% to 9% from 1 January 2024.
ii. The second proposed amendment updates the GST treatment of travel arranging services.
b. The other three proposed amendments improve GST administration and the clarity of existing legislation, and arose from regular reviews.
The Ministry is seeking public feedback on the draft GST (Amendment) Bill 2022 which provides for these amendments.