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Goods and services tax gst is payable on. Your business or enterprise has a gst turnover of 75 000. The goods and services tax gst is a tax on goods and services sold domestically for consumption. The total compensation payable for any financial year during the transition period to any state shall be calculated in the following manner namely. Section 9 3 of the cgst sgst utgst act reads the government may on the recommendations of the council by notification specify categories of supply of goods or services or both the tax on which shall be paid on reverse charge basis by the recipient of such goods or services or both and all the provisions of this act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both.
You ll need to register for gst if. The tax is included in the final price and paid by consumers at point of sale and passed to the. A the projected revenue for any financial year during the transition period which could have accrued to a state in the absence of the goods and services tax shall be calculated as per. In other countries gst is known as the value added tax or vat.
Goods and services tax or gst is a broad based consumption tax levied on the import of goods collected by singapore customs as well as nearly all supplies of goods and services in singapore.
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