- The GST error correction threshold has been revised by the Inland Revenue Authority of Singapore (IRAS).
- Taxpayers can now amend errors in the next GST return submission if the net amount of any GST error and the total amount of any non-GST error are below specified thresholds.
- The previous GST error threshold value was SGD 1,500.
- The new GST error threshold has been increased as of 1 January 2024.
- The criteria for correction in the subsequent GST return are: the net GST amount in error is not more than SGD 3,000, and the total of any non-GST amounts in error is not more than 5% of the total value of supplies declared in the submitted GST return.
- The concession only applies to errors made in boxes 1 through 7 of the GST F5 returns. Errors affecting other boxes must be adjusted using a GST F7 corrective return.
Source: taxathand.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
