Committee of Supply 2024 debate, Day 1: Pritam Singh on GST registration threshold and chargeable income tax
The registration threshold of S$1 million for the Goods and Services Tax (GST) has been in place since 1994. What are the factors that are considered with regard to the appropriateness of the threshold for the GST and why has it not been raised, particularly in view of inflation? Leader of the Opposition Pritam Singh raised this question in Parliament on Wednesday (Feb 28). He also wanted to know if there are plans to further simplify the compliance cost of GST registration, particularly for small businesses. He also wanted to know how the Ministry of Finance determines the circumstances it takes into account in deciding when to raise its chargeable income threshold for the first S$20,000.
The registration threshold of S$1 million for the Goods and Services Tax (GST) has been in place since 1994. What are the factors that are considered with regard to the appropriateness of the threshold for the GST and why has it not been raised, particularly in view of inflation? Leader of the Opposition Pritam Singh raised this question in Parliament on Wednesday (Feb 28). He also wanted to know if there are plans to further simplify the compliance cost of GST registration, particularly for small businesses. He also wanted to know how the Ministry of Finance determines the circumstances it takes into account in deciding when to raise its chargeable income threshold for the first S$20,000.
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