How GST for companies works?

GST is a tax on domestic consumption. It is a form of value-added tax, which applies to goods and services supplied in Singapore by businesses in Singapore, and to goods and services imported into Singapore.

A company is obliged to register for GST if its revenue is at least $1 million in total value of taxable supplies per year in the course of business. The current standard GST rate is 7%.

The GST Act was based on the UK Value Added Tax Act 1983 with some additions from the New Zealand GST Act.