IRAS issues revised GST e-Tax guide for Motor Vehicle Traders

5 April 2013

The e-Tax guide titled “GST: GST Guide for Motor Traders” was revised on 1 April 2013 and renamed “GST: GST Guide for Motor Vehicle Traders”.

The following revisions have been made in this Fourth Edition:

1. Paragraph 5.4 which previously read “When I sell a vehicle which is granted green rebate by LTA, can I deduct the full value of ARF from the selling price of the vehicle when computing the value on which GST is to be charged? “, has been amended to replace the words “green rebate” with “rebates by LTA under the Green Vehicle Rebate Scheme (GVR) or the Carbon Emissions-Based Vehicle Scheme (CEVS)”.

2. Paragraph 2 on GST Registration has been added and covers the following:

  • When am I liable to register for GST?
  • What are taxable supplies?
  • Can I charge GST before my GST application is approved?

3. Paragraph 21 on Claiming Input Tax has been added and covers the following:

  • Can I claim GST (input tax) incurred for my business?
  • Can I claim the GST incurred on goods or services acquired before my GST registration (i.e. pre-registration GST )?

4. Paragraph 22 on De-registration has been added and covers the following:

  • Can I cancel my GST registration?
  • How do I account for GST for assets held on the last day of registration?

5. Paragraph 23 on Record Keeping has been added and covers the following:

  • What are the types of business records I need to keep?
  • How long do I need to keep my business records?
  • What if I fail to keep my business records?

6. A new template for CEVS rebates has been added in Appendix 6.

The e-Tax guide has been re-numbered due to the addition of the new paragraphs. More details can be found on the IRAS website.

Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website.