Goods and Services Tax
Goods and Services Tax, Halsbury's Laws of Singapore: Revenue and Taxation - Other Taxes (2018)
Posted: 16 Jun 2018
Date Written: April 1, 2018
GST is a value added tax whereby tax is collected at each stage of the chain of production. The chain begins, for example, from the import of raw materials to manufacture and then when the finished product moves from distributor to retailer until it reaches the final consumer. In order that the same amount of tax is not collected over and over again, resulting in 'cascading', only the value added portion of the consideration or price is taxed. This is achieved by the input-output system whereby the taxable person only accounts for the difference between the input tax he pays and the output tax he collects.
Keywords: Goods and Services Tax; GST, Tax, Taxation, Revenue Law, Tax Law
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