In February 2022, the Singapore government publicly announced the increase in the GST (Goods and Services Tax) rate from 7% to 9%, which will be split into two increments starting on 1 January 2023 increasing to 8% and then will be increased to 9% on 1 January 2024.
Fleetnetics has completed the system updates to support the GST change. Whether you are using the Rental, Workshop or Spare Parts Distribution management system, you can now edit the GST rate.
Global Setting - Default GST % Set Up
For users who have the permission access to modify the Global Setting, go to the Dashboard side menu, and click on Setting > GST Setting > Update GST Rate.
Manual GST Adjustment
Additionally, users can also adjust the GST rate in various individual modules.
Since the increase in GST rate only applies to goods and services that will be purchased and rendered starting from 2023 onwards, Fleetnetics team has decided to let the users have the flexibility to adjust the GST rate on the affected transactions and documents.
The affected modules include Rental Agreement, Quotation, Invoice, Credit & Debit Notes, Workshop Job, Supplier Purchase & Delivery Order, Goods Return Inward & Outward, and Cash Sale modules.
To know the applicable rate, you may check IRAS resources related to GST rate change:
GST Rate Change Flowchart for Consumers
https://www.iras.gov.sg/media/docs/default-source/e-tax/rate-change-flowchart-for-consumers.pdf?sfvrsn=1b0ad9c6_5/Rate-change-flowchart-for-consumers
GST Rate Change for Business
https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-rate-change/gst-rate-change-for-business/transitional-rules-for-gst-rate-change
Please consult with your accountant if you are in doubt about which GST rate to apply.
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