Singapore Updates GST General Guide for Businesses in Relation to the Gross Margin Scheme

The Inland Revenue Authority of Singapore (IRAS) has published an updated e-Tax Guide, GST: General Guide for Businesses (Fifteenth Edition). The guide provides an overview of the Goods and Services Tax (GST) in Singapore, covering three broad categories: GST Concepts and Principles, GST Administration, and GST Schemes. Updates include the addition of an example in paragraph 5.7.1 regarding the application of the Gross Margin Scheme (GMS). Under the GMS, GST is accounted for on the gross mar…