GST Specialist was founded by Goods and Services Tax (GST) pioneer, Mr Manmohan Singh to help businesses understand and comply with the complexities of the GST system in Singapore. Our GST advisory is specifically focused on assisting SME's to ensure that they are entitled to a due and fair treatment under the GST Act and GST General (Regulations).
GST (Amendment) Act 2020: The GST Act was amended w.e.f. 1 January 2021 which effectively makes GST registered businesses who had paid their suppliers 7% GST responsible if their supplier does not pay this tax to the IRAS. This amendment is devoid of fairness. GST Specialist has analysed in detail this amendment and our assessment is in the attached write up. This article was sent to both the Straits Times and the Business Times, however neither was willing to publish it.
GST was introduced on 1 April 1994 and for businesses to embrace it, there was aggressive marketing that it is a simple tax. Attached is a chart showing the GST and penalties recovered from GST registered businesses, excluding fraud and investigation cases. The recovered amount far exceeds that of Corporate Tax even though the number of companies paying corporate tax far exceeds that of GST. The past few years, the collection has exceeded $150Million, you decide whether this is a "simple tax".
Be aware of your responsibilities under the GST Act. Partner us to manage your business risk NOW by emailing to Mr Singh at ms@gstspecialist.com or call 91466514.
GST (Amendment) Act 2020: The GST Act was amended w.e.f. 1 January 2021 which effectively makes GST registered businesses who had paid their suppliers 7% GST responsible if their supplier does not pay this tax to the IRAS. This amendment is devoid of fairness. GST Specialist has analysed in detail this amendment and our assessment is in the attached write up. This article was sent to both the Straits Times and the Business Times, however neither was willing to publish it.
GST was introduced on 1 April 1994 and for businesses to embrace it, there was aggressive marketing that it is a simple tax. Attached is a chart showing the GST and penalties recovered from GST registered businesses, excluding fraud and investigation cases. The recovered amount far exceeds that of Corporate Tax even though the number of companies paying corporate tax far exceeds that of GST. The past few years, the collection has exceeded $150Million, you decide whether this is a "simple tax".
Be aware of your responsibilities under the GST Act. Partner us to manage your business risk NOW by emailing to Mr Singh at ms@gstspecialist.com or call 91466514.