Financial Quotient

What is GST?

It is important for a consumer to know when he has an obligation to pay GST and when such a liability does not arise.
It is important for a consumer to know when he has an obligation to pay GST and when such a liability does not arise.PHOTO: ST FILE

"GST" is the acronym for goods and services tax. Introduced in Singapore on April 1, 1994, GST is charged on the supply of goods and services as well as the importation of goods into the country.

In other countries, GST is also known as value-added tax or VAT. This is because it is a multi-stage transaction tax on consumption that seeks to tax the value added at each level in a chain of transactions.

Please or to continue reading the full article. Learn more about ST PREMIUM.

Enjoy unlimited access to ST's best work

  • Exclusive stories and features on multiple devices
  • In-depth analyses and opinion pieces
  • ePaper and award-winning multimedia content
A version of this article appeared in the print edition of The Sunday Times on March 31, 2019, with the headline 'What is GST?'. Print Edition | Subscribe