{"id":2036,"date":"2022-11-28T13:52:11","date_gmt":"2022-11-28T05:52:11","guid":{"rendered":"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/?p=2036"},"modified":"2022-11-29T14:12:36","modified_gmt":"2022-11-29T06:12:36","slug":"transitional-rules-for-8-goods-and-services-tax-gst-from-1-january-2023","status":"publish","type":"post","link":"http:\/\/webpreview.sg\/mms\/transitional-rules-for-8-goods-and-services-tax-gst-from-1-january-2023\/","title":{"rendered":"Transitional Rules for 8% Goods and Services Tax (GST) from 1 January 2023"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2036\" class=\"elementor elementor-2036\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-14ea1614 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"14ea1614\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-280712e8\" data-id=\"280712e8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-10583e9 custom-red-bullets elementor-widget elementor-widget-text-editor\" data-id=\"10583e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The Goods and Services Tax (GST) rate in Singapore will increase from 7% to 8% on 1 January 2023. With the change in the GST rate, companies need to take note of transitional rules for normal and reverse charge supplies, adjustments to contracts and tax previously charged and methods of apportionment. Concurrent with the increase in GST is the imposition of GST on low-value goods (under S$400) and imported non-digital services.<\/p><p>Broadly speaking, companies should take note of the following scenarios:<\/p><p><strong>1) Invoices issued before 1 January 2023, and<\/strong><\/p><ul><li>Payment received in full on\/after 1 January 2023<\/li><li>Services completed\/goods delivered in full on\/after 1 January 2023<\/li><\/ul><p>In the above scenario, companies should issue a credit note for the invoice and reissue a new invoice to reflect the new GST rate of 8%.<\/p><p><strong>2) Invoices issued on\/after 1 January 2023, and<\/strong><\/p><ul><li>Payment received in full on\/after 1 January 2023;<\/li><li>Part of the services provided\/part of the goods delivered before 1 January 2023.<\/li><\/ul><p>Generally, all invoices issued on or after 1 January 2023 should charge 8% GST. However, in cases where the contract delivery spans both 2022 and 2023, suppliers can choose to charge GST at 7% for services rendered or goods delivered before 1 January 2023. Any remaining delivery of goods or services performed on or after 1 January 2023 will attract 8% GST.<\/p><p>Companies should prepare for the GST increase by following the <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/companies-should-be-prepared-for-gst-hike-on-1-january-2023\/\">checklist here<\/a>.<\/p><p>Companies unsure of the rate change and its implementation in their businesses should engage tax advisors or companies providing <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/taxation-services\/gst-filing-services\/\">GST<\/a> and <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/business-advisory-services\/operational-process-excellence\/accounting-services-advisory\/\"> accounting services in Singapore<\/a> to ensure they comply with the transitional rules.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ede61d elementor-widget elementor-widget-spacer\" data-id=\"2ede61d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a9ee7e3 elementor-widget elementor-widget-html\" data-id=\"7a9ee7e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"text-center tab-contact-btn\"> <a class=\"default-btn red\" href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/contact-us\/\">Get In Touch<\/a><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f983722 elementor-widget elementor-widget-spacer\" data-id=\"6f983722\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The Goods and Services Tax (GST)&#8230; <\/p>\n","protected":false},"author":10,"featured_media":2038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[10],"tags":[],"class_list":["post-2036","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ongoing-compliance-for-singapore-companies","entry"],"acf":[],"_links":{"self":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/2036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/comments?post=2036"}],"version-history":[{"count":0,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/2036\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media\/2038"}],"wp:attachment":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media?parent=2036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/categories?post=2036"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/tags?post=2036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}