GST Rate Revisions Update
In Budget 2022, the Minister for Finance announced that the GST rate will be increased from:
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7% to 8%, with effect from 1 Jan 2023; and
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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:
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If invoice issued and full payment is received or the supply is fully performed before 1 Jan 2024, the supply is subject to 8% GST.
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In all other circumstances, part or full value of the supply will have to be adjusted to 9% GST from 1 January 2024. A credit note will be issued for the initial invoice charged at 8% 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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