New GST Rate
The Inland Revenue Authority of Singapore (IRAS) has announced that the Goods & Services Tax (GST) rate will be raised from 7% to 8% on 1 Jan 2023, and from 8% to 9% on 1 Jan 2024.
Our services are subject to GST and as a result, you will be affected.
For invoices that are issued prior to 1 January 2023, IRAS has set the following guidelines for compliance.
Our services are subject to GST and as a result, you will be affected.
For invoices that are issued prior to 1 January 2023, IRAS has set the following guidelines for compliance.
Invoice Date and Payment Schedule |
GST Rate |
Invoice is dated before 1 Jan '23 and the full payment is received before 1 Jan '23 |
7% |
Invoice is dated before 1 Jan '23 and the full payment is received after 31 Dec'22 |
8% will be imposed on the unutilised portion of the contract. The utilised portion of the contract will remain at 7%. |
Invoice is dated after 31 Dec '22 |
8% |
Here is the link on the GST increase for your reference: https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-rate-change/gst-rate-change-for-consumers1