{"id":1812,"date":"2022-02-23T13:31:00","date_gmt":"2022-02-23T05:31:00","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1812"},"modified":"2022-03-04T14:06:25","modified_gmt":"2022-03-04T06:06:25","slug":"gst-rate-change-for-businesses-iras-website-updated","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2022\/02\/23\/gst-rate-change-for-businesses-iras-website-updated\/","title":{"rendered":"GST Rate Change for Businesses &#8211; IRAS website updated"},"content":{"rendered":"\n<p>On or about 22 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updated its web page to GST Rate Change for Businesses.<\/p>\n\n\n\n<p>In Budget 2022,&nbsp;the Minister for Finance announced that the GST rate will be increased from:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>7% to 8% with effect from 1 Jan 2023; and<\/li><li>8% to 9% with effect from 1 Jan 2024.<\/li><\/ul>\n\n\n\n<p>The rate change affects any GST-registered business that sells or purchases goods or services that are subject to the standard rate of GST.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Effective from 1 Jan 2023 &#8211; First rate change from 7% to 8%<\/h4>\n\n\n\n<p>Any standard-rated supplies of goods or services make on or after 1 Jan 2023, a GST-registered business must charge GST at 8%.<\/p>\n\n\n\n<p>A GST-registered business that subject to reverse charge (\u201cRC business\u201d), it must account for GST at 8% on the services procure from overseas suppliers (\u201cimported services\u201d) on or after 1 Jan 2023.&nbsp;&nbsp;<\/p>\n\n\n\n<p>There are however special transitional rules for supplies that span the change of rate. This may affect the GST rate chargeable on the supply.<\/p>\n\n\n\n<p>You may refer to the e-Tax Guide <a href=\"https:\/\/www.iras.gov.sg\/media\/docs\/default-source\/e-tax\/etaxguide_2023-gst-rate-change---a-guide-for-gst-registered-businesses_1st-edition.pdf?sfvrsn=5224b08a_17\">2023 GST Rate Change: A Guide for GST-registered Businesses<\/a>&nbsp;(PDF, 663KB) for more information on rate change.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Effective from 1 Jan 2024 &#8211; second rate change from 8% to 9%<\/h4>\n\n\n\n<p>The same transitional rules for supplies that span the change of rate will apply when the GST rate is increased from 8% to 9% with effect from 1 Jan 2024. IRAS will provide more details and updates to prepare businesses for the second rate change by Apr 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 22 Feb 2022, the Inland Revenue Authority of Singapore (IRAS) has updated its web page to GST Rate Change for Businesses. In Budget 2022,&nbsp;the Minister for Finance announced that the GST rate will be increased from: 7% to 8% with effect from 1 Jan 2023; and 8% to 9% with effect from [&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-1812","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\/1812","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=1812"}],"version-history":[{"count":4,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1812\/revisions"}],"predecessor-version":[{"id":1858,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1812\/revisions\/1858"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1812"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}