{"id":1277,"date":"2019-08-16T16:18:33","date_gmt":"2019-08-16T08:18:33","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1277"},"modified":"2020-01-17T16:36:56","modified_gmt":"2020-01-17T08:36:56","slug":"e-tax-guide-gst-customer-accounting-for-prescribed-goods-revised","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2019\/08\/16\/e-tax-guide-gst-customer-accounting-for-prescribed-goods-revised\/","title":{"rendered":"e-Tax Guide GST: Customer Accounting for  Prescribed Goods revised"},"content":{"rendered":"\n<p>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.<\/p>\n\n\n\n<p>The third edition of the e-Tax Guide contains the following updates: <\/p>\n\n\n\n<ul class=\"wp-block-list\">null<li>Updated paragraph 5 to provide more examples of\u00a0 products\u00a0 that\u00a0 will\u00a0 fall \u00a0within\u00a0 and\u00a0 outside\u00a0 the meaning of \u2018prescribed goods\u2019. <\/li><li>Updated paragraph 7.6 to provide added clarity that\u00a0\u00a0\u00a0 customer\u00a0\u00a0\u00a0 accounting\u00a0\u00a0\u00a0 applies\u00a0\u00a0\u00a0 to\u00a0\u00a0\u00a0 all purchases of prescribed goods (even occasional purchases for the customer\u2019s own business use) exceeding\u00a0\u00a0\u00a0 $10,000\u00a0\u00a0\u00a0 by\u00a0\u00a0\u00a0 a\u00a0\u00a0\u00a0 GST-registered customer for his business purposes.\u00a0 <\/li><li>Updated paragraph 7.7 to provide added clarity that the exemption mentioned applies only to the reporting\u00a0 of\u00a0 standard-rated\u00a0 supplies\/output\u00a0 tax and\u00a0 taxable\u00a0 purchases\/input\u00a0 tax\u00a0 in\u00a0 the\u00a0 GST return\u00a0\u00a0 and\u00a0\u00a0 is\u00a0\u00a0 only\u00a0\u00a0 open\u00a0\u00a0 to\u00a0\u00a0 GST-registered customers\u00a0\u00a0 that\u00a0\u00a0 have\u00a0\u00a0 been\u00a0\u00a0 accorded\u00a0 ACAP status. <\/li><li>Updated\u00a0\u00a0 paragraph\u00a0\u00a0 7.8\u00a0\u00a0 to\u00a0\u00a0 make\u00a0\u00a0 clear\u00a0\u00a0 that relevant supplies received by a partially exempt GST-registered customer are to be excluded for the purposes of determining allowable input tax.<\/li><\/ul>\n\n\n\n<p>Source: IRAS website, 16 August 2019<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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: null Updated paragraph 5 to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9,6],"tags":[],"class_list":["post-1277","post","type-post","status-publish","format-standard","hentry","category-gst","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1277"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1277\/revisions"}],"predecessor-version":[{"id":1278,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1277\/revisions\/1278"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1277"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}