Preparing for GST Rate Change - 9th Run

Come 1 January 2024, the GST rate in Singapore will be raised for the second time in recent history, this time from the current 8% to 9%.

If you're a GST-registered business, it is crucial that you start your preparations for the second rate change early. The cost of non-compliance with GST rules will only increase with the rate increase and this needs to be carefully managed.

With this in mind, we have identified key areas that need to be addressed before the new GST rate takes effect, and will be covering them during this workshop.

Key Topics

Overview of GST

Time of Supply Rules

GST Rate Change for Goods and Services

• Tax Invoice Issued on/after 1 January 2024
• Tax Invoice Issued before 1 January 2024

GST Rate Change for Continuous Supply of Services

GST Rate Change Exercises

Miscellaneous

• Price Displays
• Method of Apportionment
• Impact on Contracts
• Credit Note
• Cash Rebates
• Goods Returned on/after 1 January 2024
• Preparing for GST Rate Change

Payments Received Before or After 1 January 2024

• Cheque Payments
• GIRO Payments
• Electronic Payment Modes
• Businesses that Operate Past Midnight on 31 December 2023

30mins Q&A