GST Rate Revisions Update

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IBudget 2022, the Minister for Finance announced that the GST rate will be increased from:

  • 7% to 8%, with effect from 1 Jan 2023; and

  • 8% to 9%, with effect from 1 Jan 2024. 

Following this, we wish to inform you that eVantage Technology will be charging Goods and Services Tax (GST) as per the guidance below:

  • If invoice issued and full payment is received or the supply is fully performed before 1 Jan 2023, the supply is subject to 7% GST. 

  • In all other circumstances, part or full value of the supply will have to be adjusted to 8% GST from 1 January 2023. A credit note will be issued for the initial invoice charged at 7% and a new tax invoice will be issued for applicable revised GST rate based on the transition rules from IRAS.

 

If you have any queries, please contact accounts@evantage-technology.com for clarifications.

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