Rikvin Discusses How Does GST Work

Rikvin DiscussesHow Does GST Work Rikvin, a leading Singapore based business registration firm assists foreign businessmen in Singapore GST Service GST registration. GST is a tax charged on the supply of goods and services made in Singapore and on the... More

Rikvin DiscussesHow Does GST Work Rikvin, a leading Singapore based business registration firm assists foreign businessmen in Singapore GST Service GST registration. GST is a tax charged on the supply of goods and services made in Singapore and on the importation of goods into Singapore. The current rate for GST is 7%. “The concept of Goods and Services Tax (GST) is patterned from Valued Added Tax (VAT) in other countries and is a new form of tax in Singapore. GST was implemented on 1st April 1994 in Singapore. The standard of GST Act is also patterned from the UK VAT legislation and New Zealand GST legislation. The Inland Revenue Authority of Singapore (IRAS) is a government agency that administers, assesses, collects and enforces payment of GST,” Rikvin said. Rikvin also pointed out the objective of GST that is to lower personal and corporate income tax rates while maintaining a fairly reasonable revenue base for the government. A brief overview on GST – definition, registrat Less