A number of basic GST rules may need to be revised in view of the impending GST rate increase.
Since the implementation of the Goods and Services Tax (GST) in 1994, there have been frequent changes and updates to the GST legislation, rules and guidelines by the Inland Revenue Authority of Singapore (IRAS) to keep up with the rapid developments in the economy. There are, however, certain rules and requirements that have remained unchanged till now. With the impending GST rate increase to 8% from 1 January 2023 and 9% from 1 January 2024, the concessionary effect on certain rules with quantitative conditions would be diminished and would not render much help in easing the compliance efforts of GST-registered businesses.
Source EY
