GST is charged on the value of the supply of goods and services whenever the time of supply is triggered. The value of the supply can be for a consideration in either money or open market value of the supply.
If the value is for a consideration in money, the value of supply is determined as follows:
Value of supply + GST = Consideration
If the supply is not for a consideration in money or is for a consideration not wholly consisting of money, then the value of the supply will be its Open Market Value (OMV).
OMV is the price (exclusive of GST) that the goods or services would fetch at the time when they are supplied between two unrelated persons.
Taxable Person: A Taxable Person is a person who is registered or required to register for GST. A The term includes an individual, a partnership, a company, a club, an association, a society, a management corporation or a non profit organisation.
Input Tax: Input Tax is the GST paid on your business purchases. You can claim Input Tax Credit from IRAS.
Output Tax: Output Tax is the GST collected or absorbed by a GST registered person on the sale of goods or provision of services. It is the GST payable to IRAS.
'GST Flow' has been shared with
