What is GST in Singapore?
An example of an AI chatbot conversation about GST in Singapore and its implications.
What is GST in Singapore?
GST stands for Goods and Services Tax, which is a consumption tax levied on the sale of goods and services in Singapore.
What is the current GST rate?
As of 2023, the GST rate in Singapore is 8%, and it is set to increase to 9% in 2024.
Who needs to pay GST?
GST is generally paid by consumers when they purchase goods and services. Businesses that exceed a certain revenue threshold must also register for GST.
Are there any exemptions to GST?
Yes, certain goods and services are exempt from GST, such as financial services, residential properties, and certain healthcare services.
How does GST affect prices in Singapore?
GST can increase the final price of goods and services, as businesses typically pass on the tax to consumers.
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