Singapore’s GST system distinguishes between exempt supplies, which are specifically excluded under the GST Act and reported in GST returns without charging GST, and out-of-scope supplies, which fall entirely outside the GST system and are not reported. Proper classification, thorough documentation, and adherence to IRAS guidelines are crucial to avoid errors like charging GST on exempt supplies or misreporting out-of-scope transactions, ensuring accurate GST compliance.
Source: apexiacorp.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.
Latest Posts in "Singapore"
- Singapore Clarifies GST Registration: New FAQs on Thresholds, Special Cases, and Business Implications
- IRAS Updates FAQs on GST Registration Requirements for Businesses in Singapore, August 2025
- Comprehensive Guide to GST in Singapore: Concepts, Administration, and Schemes (16th Edition)
- IRAS Updates GST Guide for Businesses: Key Changes and New Self-Assessment Requirements
- Singapore Updates GST General Guide for Businesses in Relation to the Gross Margin Scheme
