BanCoe Hypersonic October 8, 2018 Share October 8, 2018 24% of govt revenue comes from GST. Its a stable and progressive tax. Unlikely can do away with. https://www.google.com.sg/amp/s/www.businesstimes.com.sg/government-economy/iras-collected-s47b-in-tax-revenue-in-fy2017-up-nearly-5-from-a-year-ago%3Famp âGST helps the poorâ by not taxing their income and allows them to manage their consumption taxes. However, it takes a lot of discipline and brains to manage consumption. Some even choose to pay more tax by voluntarily smoking. Its not a perfect system but at least itâs within our control, if we choose to manage it. And yes even babies before they are borne are conspermed tax payers ...... Govt helps them ..... LOL ..... that’s why our population growing ↡ Advertisement 3 Link to post Share on other sites More sharing options...
Yewheng Twincharged October 8, 2018 Share October 8, 2018 hahah !! so jack is correct !! collect how much payment, tax how much. and not collect tax for "money not received". i am going to save the url on my phone and show it to the businesses next time. Oh did not know this good information. Link to post Share on other sites More sharing options...
Ysc3 Twincharged October 8, 2018 Author Share October 8, 2018 Voucher is not discount. but the vendor still does not collect real money for both ... so tax what ? just imagine if the pumps were to print out little "vouchers" for their bank and station discounts to make it official ... more work. those giving out vouchers are usually limited promos. Link to post Share on other sites More sharing options...
inlinesix Supersonic October 8, 2018 Share October 8, 2018 but the vendor still does not collect real money for both ... so tax what ? just imagine if the pumps were to print out little "vouchers" for their bank and station discounts to make it official ... more work. those giving out vouchers are usually limited promos. https://en.wikipedia.org/wiki/Voucher A voucher is a bond of the redeemable transaction type which is worth a certain monetary value and which may be spent only for specific reasons or on specific goods. Link to post Share on other sites More sharing options...
Ysc3 Twincharged October 8, 2018 Author Share October 8, 2018 Actually cannot assume this method is applicable for all businesses, especially when the discount or cash voucher is not from the seller itself, ie.. credit card promo voucher. For shops like watsons, which carry a lot of consignment goods that dont belong to them, their backend accounting system will be very complex if based on “as charged” GST collection. nobody said it was easy managing a business. by collecting extra tax when they are not supposed to is also going make it difficult for their accounting too. but for shops like Watsons, they already bundle the GST into the products. so if you buy a product for $5.35, 35c is the GST already bundled into the price. so when you use a discount off the product, the gst will be offset at the same time. Link to post Share on other sites More sharing options...
inlinesix Supersonic October 8, 2018 Share October 8, 2018 nobody said it was easy managing a business. by collecting extra tax when they are not supposed to is also going make it difficult for their accounting too. but for shops like Watsons, they already bundle the GST into the products. so if you buy a product for $5.35, 35c is the GST already bundled into the price. so when you use a discount off the product, the gst will be offset at the same time. It is not difficult at all as long as it is properly automated. No manual intervention. Link to post Share on other sites More sharing options...
Ysc3 Twincharged October 8, 2018 Author Share October 8, 2018 Actually cannot assume this method is applicable for all businesses, especially when the discount or cash voucher is not from the seller itself, ie.. credit card promo voucher. For shops like watsons, which carry a lot of consignment goods that dont belong to them, their backend accounting system will be very complex if based on “as charged” GST collection. I thk this is for you ... http://www.mycarforum.com/topic/2712081-is-gst-andor-service-charge-payable-for-vouchers/page-2?do=findComment&comment=6539317 Link to post Share on other sites More sharing options...
Yoongf 4th Gear October 8, 2018 Share October 8, 2018 GST is not collected based on goods delivered or services performed. GST is based on the amount invoiced. Discounted or not is not relevant. Amt invoiced attracts GST. 10yrs back got a discussion abt why mcst fees attract gst when no goods or services have yet to be performed. Link to post Share on other sites More sharing options...
Ysc3 Twincharged October 8, 2018 Author Share October 8, 2018 GST is not collected based on goods delivered or services performed. GST is based on the amount invoiced. Discounted or not is not relevant. Amt invoiced attracts GST. 10yrs back got a discussion abt why mcst fees attract gst when no goods or services have yet to be performed. I like the way you explain ....very "ngum tia" ... too bad can only praise you once ... Link to post Share on other sites More sharing options...
Yoongf 4th Gear October 8, 2018 Share October 8, 2018 Discount is different from voucher though. However, the worst is when say, at the time of purchase of vouchers or credits, GST is already charged for the value of the vouchers. Then we you use voucher to buy item, GST is charged again on the value of the item. When u buy a voucher, that itself is a transection and invoiced that might incur GST. It could be a $10 voucher that entitles holder to a $1k discount. When holder claims the discount for/at a seperate transection, that seperate transection has no relation to the voucher purchase transection. GST is charged for the nett amt invoiced. Link to post Share on other sites More sharing options...
Zxcvb Turbocharged October 8, 2018 Share October 8, 2018 I know you all hate hearing this, but i will say again. GST is to help the poor. ↡ Advertisement Link to post Share on other sites More sharing options...
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