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Some 8,000 businesses to implement GST rate change for first time in upcoming hike
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The GST rate was raised from 7 per cent to 8 per cent on Jan 1, and will go up by another percentage point on Jan 1, 2024.
PHOTO: ST FILE
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SINGAPORE – Around 8,000 businesses that are newly registered for the goods and services tax (GST) will implement a change in the GST rate for the first time come Jan 1.
Businesses need to register for GST if their taxable turnover exceeds $1 million at the end of the calendar year or is expected to be more than that amount in the next 12 months.
