- Updated e-Tax Guide Released: The Inland Revenue Authority of Singapore (IRAS) has published the fifteenth edition of the e-Tax Guide, “GST: General Guide for Businesses,” which outlines the Goods and Services Tax (GST) in Singapore and is structured into three main categories: GST Concepts and Principles, GST Administration, and GST Schemes.
- Key Updates on the Gross Margin Scheme (GMS): The updated guide includes a new example in paragraph 5.7.1 related to the application of the GMS, which allows GST to be calculated on the gross margin (selling price minus purchase price) rather than the total sale value.
- Changes to GMS Eligibility Requirements: Starting July 1, 2025, businesses will no longer need prior approval from the Comptroller to use the GMS. Instead, they can use a self-assessment checklist available on the IRAS website to determine their eligibility and understand the requirements for the scheme.
Source Orbitax
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