Understanding Goods and Services Tax (GST) in Singapore: Implications for Businesses and Consumers

Acraaplus27 Feb, 2023Finance

Goods and Services Tax (GST) is a value-added tax imposed on the supply of goods and services in Singapore. GST is a consumption tax, which means that it is ultimately borne by the end consumer. GST in Singapore is currently set at 7%, which is one of the lowest rates in the world. The Singapore government introduced GST in 1994 to diversify its sources of revenue and reduce its reliance on direct taxes.