With the upcoming increase in GST in 2+ weeks, here are 4 things you need to know!
1. GST from 7% to 8% which means prices of items could essentially cost 10 cents or more 😫
2. Currently, when you purchase low-value goods from overseas (items with a value of less than $400), you are not required to pay GST. However, starting from January 2023 onwards, 8% GST applies to Low-Value Goods from Overseas (i.e. online goods bought from e-commerce platforms)
Items bought while you're on Holiday
3. If you purchased an item while on vacation before January 1, 2023, and arrive in Singapore after that date, it will be subject to 7% GST.
4. If you purchased the item while on vacation after January 1, 2023, and return to Singapore after that date, you will be subjected to an 8% GST.