The GST Thread

[mersaylee]

47 minutes ago, zipping said:

Vomit blood right...i also nearly vomit...not so much on the hike but the cock that cum out of the bloody mouth...😁

[Fcw75]

Keep saying must think of future generation. How does million dollar HDB help in the future? 

[jcmm]

5 hours ago, Jellandross said:

Gentle reminder again. Raising GST is caring for you and your future generations.

 

 

Dropping my tears.... 😢

[Fcw75]

You peasants! Don’t KPKB…

https://mothership.sg/2022/11/ho-ching-gst-nirc/?fbclid=IwAR0EA9yyubnqj3K2WZ4Y25t0hUmpHI6UIiHXo_pekX0bdG0TbwMW49PWiuo&mibextid=Zxz2cZ
 

No one ask her about the failed investment of FTX? Or to her it’s too minor…

[Jellandross]

Got bright future! 15 yrs old already understand that raising GST is to help the poor and caring for future generations 😂

 

 

[13177]

1 hour ago, Jellandross said:

Got bright future! 15 yrs old already understand that raising GST is to help the poor and caring for future generations 😂

 

 

Next time can join them as MP? 😂

[Throttle2]

4 hours ago, Jellandross said:

Got bright future! 15 yrs old already understand that raising GST is to help the poor and caring for future generations 😂

 

 

I share same opinion as WP.  Just slowing rate of growth during uncertainty.   There are other areas to increase revenue and reduce cost.  

similarly they decided to take out reserves and splashed around during tough times too.  There should have been more reliance on market forces.

Accountability must be taught to everyone.    Just like how a child learns that fire is hot. And knives can cut if you dont handle with care and respect. 
 

we dont need no nanny govt. 

 

 

Edited December 5, 2022 by Throttle2

[Fcw75]

Eh, GST not to help the poor meh?

[Windwaver]

https://www.iras.gov.sg/who-we-are/what-we-do/annual-reports-and-publications/taxbytes@iras/gst/3-things-you-need-to-know-as-a-consumer-with-the-new-gst-rate

3 things you need to know as a consumer with the new GST rate

Come 1 Jan 2023, the Goods and Services Tax (GST) will increase from 7% to 8%. The increase is needed to support our healthcare expenditure, and to take care of our seniors.

To help Singaporeans cope with the impact of the GST increase, the Government rolled out a $6.6 billion Assurance Package earlier this year. In Nov 2022, it was announced that this package would be further enhanced to $8 billion. More details will be shared at Budget 2023.

Singaporean households will also continue to benefit from the permanent GST Voucher Scheme and the absorption of GST for publicly subsidised education and healthcare.

Ahead of the GST rate change, here are 3 things you need to know:

1. Price displays must show new GST rate

From 1 January 2023, the prices displayed by GST-registered businesses must be inclusive of GST at 8%[1]. That is the final price you pay. Businesses that are unable to switch their price display overnight may display 2 prices:

• One applicable before 1 Jan 2023 showing prices inclusive of GST at 7%
• One applicable on/after 1 Jan 2023 showing prices inclusive of GST at 8%

An exemption is granted to hotels and F&B establishments[2] that impose service charge on their goods and services. They are not required to display GST-inclusive prices due to an exemption to ease their operations. However, they must still display a prominent statement so that customers are aware that the prices are subject to GST and service charge.

2. Payment date matters

Generally, purchases of goods and services from GST-registered businesses before 1 Jan 2023 will be subject to GST at 7%, and purchases on/after 1 Jan 2023 will be subject to GST at 8%. As a consumer, you may order an item or sign up for services but only pay at a later date. WHEN you pay for the goods and services will determine which GST rate will be charged. 

For transactions that span 1 Jan 2023, GST transitional rules may apply. A transaction spans the GST rate change where one or more of the following events takes place wholly or partially on/after 1 Jan 2023:

• The issuance of invoice
• The receipt of payment
• The delivery of goods or performance of services

3. Unjustified price increases using GST as a cover is unethical

As a savvy consumer, you should be on the alert when businesses use GST as an excuse to raise prices. It is not acceptable for the business to use the GST increase as the reason for raising prices before the GST rate change, nor is it acceptable for a business to raise prices by more than the GST increase after the GST rate change, citing the GST increase as the reason. 

You can also check if a business is GST-registered by accessing the Register of GST registered businesses. A GST-registered business should also indicate its GST-registration number on the tax invoices and receipts that it issues.

[Victor68]

On 11/23/2022 at 5:33 PM, Fcw75 said:

Chee hong’s turn to talk cock huh…

He said there’s no ideal time to raise taxes…that’s true but not at times like this when inflation is all time high.

Bengawan Solo was selling their marble cake for $8.80 early last year then increased to $9.90 this year. Last week I wanted to buy one and it is now $12! My marbles almost dropped.

Just quoting an example I saw, obviously I didn’t buy and decide to boycott them.

They are not done yet. Come Jan 2023, with 8% GST, it is another round of excuse to increase again. Maybe $15 easier to count. 😆

[Victor68]

On 11/23/2022 at 7:36 PM, Fcw75 said:

Keep saying must think of future generation. How does million dollar HDB help in the future? 

By inflating their asset and hopefully they can sell off and migrate to another country lor. 

[Windwaver]

https://www.channelnewsasia.com/singapore/gst-hike-cna-explains-tax-increase-8-9-percent-2023-3133236

CNA Explains: What happens when GST goes up in 2023? Here's what you need to know

SINGAPORE: Expect to see your bills rise slightly next year as Singapore’s Goods and Services Tax (GST) goes up by 1 per cent.

This is the first of a two-step increase, which will see the rate rise to 9 per cent in 2024.

New rules to charge GST on imported low-value goods and more services will also take effect in January.

How will you be affected and what are the support measures that you can count on to cushion rising prices? Here’s what you need to know: 

What is GST and what does it apply to?

The GST is a tax on domestic consumption, which can be any goods or services, including imports.

It is charged by all businesses with taxable turnovers of S$1 million or more.

However, there are some exemptions – such as the sale and lease of residential properties and financial services. The Government also absorbs GST on publicly subsidised healthcare and education.

The GST rate is currently 7 per cent. It will go up to 8 per cent on Jan 1, 2023, and to 9 per cent on Jan 1, 2024.

Are there any transitional rules?

Things can get a bit tricky if you order something at the end of 2022 but the goods or service gets delivered in 2023.

According to the Inland Revenue Authority's (IRAS) website, you should be charged 7 per cent GST if payment is made in 2022, and 8 per cent if payment is made in 2023.
 
But if you pay for something in instalments over 2022 and 2023, then two separate GST rates should be charged.

IRAS also says that GST is to be charged at 8 per cent on services performed and paid for on or after Jan 1, 2023 even if the invoice was issued in 2022.

For services that span over 2022 and 2023, you may pay 8 per cent if the billing date is in 2023, or you could pay 7 per cent for one part of the bill and 8 per cent for the latter part.

For example, if you stay at a hotel over New Year’s Eve and New Year's Day, the hotel can charge 8 per cent for the entire stay as the payment is collected in 2023.

But it can also choose to charge GST at 7 per cent on the value of hotel stay on Dec 31, 2022, and 8 per cent for the night of Jan 1, 2023.

How will GST be charged on low-value goods?

GST will also be extended to online purchases and imported services with new rules kicking in on Jan 1, 2023. This was announced in the 2021 Budget.

Rules requiring overseas providers of digital services to charge GST had already begun in 2020, but it now extends to non-digital services as well.

For goods, GST is currently collected by Singapore Customs on goods imported via air or post valued above S$400. From 2023, the overseas vendor needs to charge GST on its sales to local consumers for items of any price.

The Ministry of Finance has said this will ensure a level playing field for local businesses to compete with overseas suppliers of goods and services.

How has the GST rate changed over the years?

GST was introduced in Singapore on Apr 1, 1994 at 3 per cent. 

This was increased to 4 per cent in 2003, 5 per cent in 2004 and 7 per cent on Jul 1, 2007.

The upcoming increase to 9 per cent was announced during the 2018 Budget, when the Government said that it would happen between 2021 and 2025.

Then in Budget 2022, Deputy Prime Minister and Finance Minister Lawrence Wong announced that the increase would happen in two steps – in 2023 and 2024.

Why does GST need to go up?

Mr Wong has said that the revenue from the increase in GST will go towards supporting Singapore’s healthcare expenditure and taking care of seniors.

He also said in his Budget speech that the rise in GST will not be enough to cover the rise in healthcare and social spending.

The GST increase from 7 to 9 per cent by 2024 is expected to generate S$3.5 billion of tax revenue annually. After the Budget debate, more questions were raised in Parliament about whether the GST should be raised as planned, amid rising inflation.

Mr Wong confirmed in July that it will go ahead. When questioned about additional revenues and surpluses in the Budget, he said that one-off surpluses cannot be relied on to fund recurrent and structural spending increases.

“The short answer to the question ‘what will happen if we do not have this GST increase?’ is simple. We will be at risk of persistent structural funding gap, which will continue to widen year by year,” he said then.

What are the GST support measures?

For this round of increase, S$8 billion has been set aside for an Assurance Package to cushion the impact of the GST increase. When first announced in Budget 2020, the package was to cost the Government S$6 billion. This was bumped up to S$6.6 billion in Budget 2022, and this November, Mr Wong added another S$1.4 billion to the package.

The package is meant to offset additional GST expenses for the majority of Singaporean households for at least five years, and for around 10 years for lower-income households.

The permanent GST Voucher scheme will also be enhanced to help defray the GST expenses of lower- to middle-income Singaporean households, beyond the transitional support covered by the Assurance Package.

What about the GST Voucher scheme?

A permanent GST Voucher scheme was introduced in 2012 to help Singapore households defray their costs.

The GST Voucher has four parts: Cash, U-Save or utilities rebates, MediSave top-ups and rebates on service and conservancy charges.

From 2022, the assessable income threshold for the cash component was raised from S$28,000 to S$34,000 to cover more Singaporeans. The quantum was also increased.

The MediSave top-up is for elderly Singaporeans aged 65 and above. The cash and MediSave components are paid out in August each year. 

The U-Save and rebates on service and conservancy charges are paid quarterly to households, in January, April, July and October. Those living in three-room or smaller flats will get more than owners of larger flats or private housing.

You can visit https://www.gstvoucher.gov.sg/ to find out if you’re eligible, and how to sign up, if you’ve not received any government payouts before.

How do I report unjustified price increases?

The Committee Against Profiteering was reconvened on Mar 16 to investigate feedback on unjustified price increases of essential products and services using the GST increase as a cover.

Businesses cannot use the GST increase as the reason for raising prices before the GST rate change, or raise prices by more than the GST increase after the rate hike.

You can report such cases here: https://www.cap.gov.sg/

You can also check if a business is GST-registered through the Register of GST-registered businesses. Such businesses have to indicate their GST registration number on tax invoices and receipts.

[Throttle2]

We arae so f**ked

[Hosaybo]

The part on reporting unjustified increase due to gst is totally BS ..... Basically telling business owner to use other excuse other than gst. 

Edited December 28, 2022 by Hosaybo

[Watwheels]

Wedding ballroom prices to rise, as hotels grapple with inflation and higher costs

https://www.channelnewsasia.com/singapore/hotel-wedding-ballroom-prices-rise-3169696

You see lah. Can bao toh the hotels or not?

This collecting wealth and redistributing it is a horrible idea at this time when ppl are struggling with food inflation and other cost increase like fuel related cost. The extra 1% and then 1% more are really hard to stomach. I doubt the redistributed monies are enough to help.

[Fcw75]

[Icu]

The technical increase is actually 1%, albeit another 1% come 2024.

I thought the biggest impact entering this new year is the low-value import goods, especially for those frequent online shoppers. 

 

Edited December 31, 2022 by Icu

[Wt_know]