Large number of S’pore businesses to implement GST rate change

Final price: Decorative ornaments on display in a market in Singapore’s Little India district. The Iras says businesses should be transparent in communicating reasons for price increases to consumers. — AFP

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 S$1mil at the end of the calendar year or is expected to be more than that amount in the next 12 months.