OrbitaxIRAS Updates Guidance on GST on Deposits and Downpayment
|Approved Changes|Singapore
The Inland Revenue Authority of Singapore has published updated guidance on charging GST on deposits and downpayment, including new and updated examples.
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Deposits and downpayment
You may collect a deposit or downpayment from your customer for your supply of goods or services.
When a deposit forms partial payment for the goods or services supplied, GST has to be charged on the amount of deposit and accounted for in the accounting period in which the deposit is received. This treatmen…