20 Feb '12, 12am

Budget and GST.

Printed in TODAY paper on 20 February 2012 I APPRECIATE the Budget payout of up to S$5,000 to small companies to offset higher business costs, especially the simple approach to determine eligibility for this grant. Could the Finance Minister consider another measure that would help not only small companies but also bigger businesses? The Goods and Services Tax (GST) Act allows a business with annual turnover of under S$1 million to be exempt from paying GST. This seems to help a small business but is actually a disadvantage. When a non-GST registered company supplies goods or services to a business, the latter is not allowed to deduct the purchase from its GST liability. The small business is compelled to reduce its price by the GST amount to remain competitive. It would help small companies if a business customer is allowed to treat all its purchases as eligible for GST d...

Full article: http://tankinlian.blogspot.com/2012/02/let-all-purchases-...

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