Gst Calculator Singapore
Choose country to “Singapore” and Enter the amount to calculate GST. GST calculations will be automatically updated.
How this GST Calculator Singapore Works?
GST Formula in Singapore
The formula for calculating Goods and Services Tax (GST) in Singapore is:
GST amount = (Taxable price x GST rate) / (1 + GST rate)
Where “Taxable price” is the price of the good or service exclusive of GST, and “GST rate” is the current standard rate of 8%.
For example, if you are selling a product for SGD 100, the GST amount would be calculated as follows:
GST amount = (SGD 100 x 8%) / (1 + 8%) = SGD 7.40
So, the total price of the product including GST would be SGD 100 + SGD 7.40 = SGD 107.40
Note that there are also some goods and services that are exempt from GST in Singapore, and some that are subject to a zero-rating, meaning that no GST is charged on them. It’s important for GST registered businesses to correctly classify their supplies and apply the correct GST rate to ensure compliance with Singaporean tax laws.
Goods and Services Tax Singapore
The Goods and Services Tax (GST) in Singapore is a value-added tax (VAT) system that is applied to most goods and services in the country. GST is imposed at a standard rate of 8% and is collected by the Inland Revenue Authority of Singapore (IRAS).
Businesses with a taxable turnover of more than SGD 1 million in the past 12 months are required to register for GST. GST registered businesses must charge GST on their taxable supplies of goods and services, issue tax invoices to their customers, keep proper records of their business transactions, and file regular GST returns with IRAS.
GST registered businesses can claim back the GST paid on their business expenses as input tax credit. This helps to ensure that GST does not impose a tax burden on businesses and helps to maintain the competitiveness of the business.
GST in Singapore plays an important role in funding the country’s social and economic development programs, and is considered to be a fair and efficient tax system that helps to maintain a balanced budget and support the growth and stability of the country’s economy.
What is GST?
GST stands for Goods and Services Tax, which is a value-added tax system applied to most goods and services sold within a country. GST is a consumption tax, which means that it is imposed on the final sale of goods and services to the end consumer. The GST rate is a percentage of the sales price, and businesses that are registered for GST must collect the tax from their customers and pay it to the government. GST is a major source of revenue for governments and is used to fund public services and infrastructure.
How do I register for GST in Singapore?
To register for Goods and Services Tax (GST) in Singapore, the following steps can be followed:
Determine if your business is required to register for GST: Businesses with a taxable turnover of more than SGD 1 million in the past 12 months are required to register for GST.
Apply for GST registration: You can apply for GST registration through the Inland Revenue Authority of Singapore (IRAS) e-Service Portal (www.iras.gov.sg) or by submitting a paper application.
Provide required information and documents: IRAS will require information such as the business name, address, business activities, and details of the individuals responsible for the business. You will also need to provide supporting documents such as a copy of the business registration certificate, business profile, and personal identification documents for the individuals responsible for the business.
Receive approval: After submitting the required information and documents, IRAS will review your application and determine whether your business is eligible for GST registration.
Start charging GST: Once your business has been approved for GST registration, you can start charging GST on your taxable supplies of goods and services. You must also issue tax invoices to your customers, keep proper records of your business transactions, and file regular GST returns with IRAS.
It’s important to note that the GST registration process can take several weeks to complete, so it’s advisable to start the process as early as possible to avoid any delays in your business operations. Get more information about it here.
GST Rates by Country
Goods and Services Tax (GST) rates vary by country. The GST rate is a value-added tax imposed on most goods and services that are sold for domestic consumption. The rate can range anywhere from 0% to over 28%. Some countries, such as Canada, have multiple GST/HST rates depending on the province or territory. In the European Union, the standard VAT rate is around 20%. It’s important to research the specific GST rate in your country to understand the tax implications of your purchases.
Here you can see the GST Rates in every country.
Country | GST Rates |
Australia | 10% |
Canada | 5% |
Egypt | 10% |
Jersey | 5% |
Jordan | 16% |
India | 5%, 12%, 18%, or 28% |
Indonesia | 11% |
Malaysia | 6% |
Maldives | 8% |
New Zealand | 15% |
Singapore | 8% |