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Fleetnetics Implements New Tax Rate Setting as Singapore increases GST Rate from 7% to 9%

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.

SINGAPORE gst increase in fleetnetics tax rate setting

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.

SINGAPORE gst increase in fleetnetics tax rate setting



SINGAPORE gst increase in fleetnetics tax rate setting





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.

SINGAPORE gst increase in fleetnetics tax rate setting

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:

SINGAPORE gst increase in fleetnetics tax rate setting

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

SINGAPORE gst increase in fleetnetics tax rate setting

https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-rate-change/gst-rate-change-for-business/transitional-rules-for-gst-rate-change


SINGAPORE gst increase in fleetnetics tax rate setting

Please consult with your accountant if you are in doubt about which GST rate to apply.

 

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