Singapore VAT Calculator

Value added tax in Singapore is collected in the form of goods and service tax. Here, GST was introduced in 1994 at 3 % and has gradually been increased to the current rate of 7 %. Any company is required to collect Goods and Services Tax only if the turnover exceeds 1 million dollars. Goods and Services Tax in Singapore is not applicable on export of any goods or services.

Goods and Services Tax in Singapore

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Value added tax in Singapore is collected in the form of goods and service tax. Here, GST was introduced in 1994 at 3 % and has gradually been increased to the current rate of 7 %. Any company is required to collect Goods and Services Tax only if the turnover exceeds 1 million dollars. Goods and Services Tax in Singapore is not applicable on export of any goods or services.

Formula:

Add Tax Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount
Remove Tax Tax Amount = Original Cost - ( Original Cost * ( 100 / ( 100 + VAT% ) ) ) Net Price = Original Cost - Tax Amount

Example

Find the VAT price and net price in Singapore (GST % is 7) for an amount of 25000 $

Add Tax

Solution :
GST % = 7
Amount = 25000

Step 1 :
GST Price = (25000 * 7 ) / 100
     = 1750 $

Step 2 :
Net Price = 25000 + 1750
     = 26750 $

Hence the VAT Price is 1750 $ and Net Price is 26750 $

Remove Tax

Solution :
GST % = 7
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 7)))
                 = 25000 - (25000 * 0.93)
                 = 25000 - 23364.49
                 = 25000 - 23364.49
GST Price = 1635.51 $

Step 2 :
Net Price = 25000 - 1635.51
                = 23364.49 $

Hence the VAT Price is 1635.51 $ and Net Price is 23364.49 $


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