- Customer accounting for prescribed goods started on 1 Jan 2019 to prevent fraud where sellers abscond with GST.
- Applicable to mobile phones, memory cards, and off-the-shelf software.
- Guide explains customer accounting for these goods.
- Relevant for GST-registered businesses dealing with prescribed goods in Singapore.
- Sale of goods and services is taxable and subject to GST.
- Under customer accounting, the customer accounts for output tax if the sale value exceeds $10,000.
- Supplier issues a customer accounting tax invoice indicating the customer will account for GST.
- Customer accounts for output GST and can claim input tax if for business use.
- Prescribed goods include mobile phones, memory cards, and off-the-shelf software.
- Relevant supply is a taxable supply of prescribed goods over $10,000, not zero-rated or excepted.
- Excepted supply is a supply of prescribed goods excluded from customer accounting.
Source: iras.gov.sg
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.
