On 22 June 2018, the Goods and Services Tax Act (Amendment of First Schedule) Order 2018 (S 415/2018) was published in the Government Gazette (electronic edition) and came into operation on 25 June 2018.
Paragraphs 1(1), 1(2), 1(3), 4(1), 7 and 8(1)(a)(ii)(B) of the First Schedule to the Goods and Services Tax Act are amended.
With effect from 1 January 2019, if the total value of all a person’s taxable supplies made in Singapore at the end of the calendar year 2019 or a subsequent calendar year has exceeded $1m, that person is liable to be registered for GST.
If a business is transferred on or after 1 January 2019, and the total value of all the transferee’s taxable supplies made in Singapore in the calendar year immediately preceding the calendar year in which the time of transfer falls exceeds $1m, the transferee becomes liable to be registered at the time of the transfer.
A person is not liable to be registered at the end of any calendar year in the above circumstances if the Comptroller is satisfied that the value of the person’s taxable supplies in the next calendar year will not exceed $1m.
A person who is liable to be registered at the end of any calendar year in the above circumstances must notify the Comptroller of that liability within 30 days after the end of that calendar year.
Source: IRAS, 28 June 2018