{"id":2452,"date":"2023-10-03T14:29:06","date_gmt":"2023-10-03T06:29:06","guid":{"rendered":"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/?p=2452"},"modified":"2023-10-03T18:04:14","modified_gmt":"2023-10-03T10:04:14","slug":"gst-rate-to-increase-to-9-on-1-january-2024","status":"publish","type":"post","link":"http:\/\/webpreview.sg\/mms\/gst-rate-to-increase-to-9-on-1-january-2024\/","title":{"rendered":"GST Rate to increase to 9% on 1 January 2024"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2452\" class=\"elementor elementor-2452\">\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 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 will increase from 8% to 9% from 1 January 2024. The change is part of a 2-stage increase from 7% to 9% GST announced in Budget 2022. IRAS has advised businesses to prepare for the rate change early.<\/p>\n<p>Most businesses would already be familiar with the requirement for the increase, having gone through an earlier round when the GST rate changed from 7% to 8% on 1 January 2023.<\/p>\n<p>The following are selected common scenarios for businesses to prepare for the upcoming rate hike. <\/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-bcd855e elementor-widget elementor-widget-image\" data-id=\"bcd855e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"841\" height=\"606\" src=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/10\/GST-Rate-change-table.png\" class=\"attachment-full size-full wp-image-2456\" alt=\"\" srcset=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/10\/GST-Rate-change-table.png 841w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/10\/GST-Rate-change-table-300x216.png 300w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2023\/10\/GST-Rate-change-table-768x553.png 768w\" sizes=\"(max-width: 841px) 100vw, 841px\" style=\"width:100%;height:72.06%;max-width:841px\" \/>\t\t\t\t\t\t\t\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-65b47ef elementor-widget elementor-widget-text-editor\" data-id=\"65b47ef\" 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 above examples are not exhaustive of the scenarios that may arise. Companies should prepare early for the changes where possible, as penalties for non-compliance may be higher due to the higher GST rate. In addition, errors during submission for <a href=\"\/taxation-services\/gst-filing-services\/\">GST filings<\/a> will be costlier as penalties are generally imposed based on the value of tax underpaid or over-claimed.<\/p>\n<p>Customers should be informed of the rate change ahead of the change. All invoices and quotations issued should also reflect the correct GST rate. Businesses not ready for the rate change should engage accounting firms providing GST and <a href=\"\/accounting-services\/accounting-bookkeeping-services\/\">accounting services in Singapore<\/a> to ensure compliance come 1 January 2024.<\/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-f9ec9dd elementor-widget elementor-widget-html\" data-id=\"f9ec9dd\" 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-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\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) rate will increase from 8% to 9% from 1 January 2024&#8230;<\/p>\n","protected":false},"author":10,"featured_media":2453,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-business-updates-in-singapore","entry"],"acf":[],"_links":{"self":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/2452","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=2452"}],"version-history":[{"count":0,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/2452\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media\/2453"}],"wp:attachment":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media?parent=2452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/categories?post=2452"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/tags?post=2452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}