GST is a consumption tax that is levied on the supply of goods and services in Singapore and the import of goods into Singapore. In some countries, GST is known as the Value Added Tax (VAT).
- Goods and Services Tax (GST) is a flat 7% across all product categories.
- The only exemptions are for the sales and leases of residential properties and most financial services.
- Export of goods and international services are zero-rated.
- Mandatory for all companies exceeding SGD One Million in annual turnover.
- GST returns are to be filed on a quarterly basis.