On or about 16 August 2019, the Inland Revenue Authority of Singapore (IRAS) has published the third edition of the e-Tax Guide on GST: Customer Accounting for Prescribed Goods. It replaces the second edition published on 13 December 2018.
The third edition of the e-Tax Guide contains the following updates:
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- Updated paragraph 5 to provide more examples of products that will fall within and outside the meaning of ‘prescribed goods’.
- Updated paragraph 7.6 to provide added clarity that customer accounting applies to all purchases of prescribed goods (even occasional purchases for the customer’s own business use) exceeding $10,000 by a GST-registered customer for his business purposes.
- Updated paragraph 7.7 to provide added clarity that the exemption mentioned applies only to the reporting of standard-rated supplies/output tax and taxable purchases/input tax in the GST return and is only open to GST-registered customers that have been accorded ACAP status.
- Updated paragraph 7.8 to make clear that relevant supplies received by a partially exempt GST-registered customer are to be excluded for the purposes of determining allowable input tax.
Source: IRAS website, 16 August 2019