Tax Code : GST- Import Purchase, IMGST

Top  Previous  Next

All goods imported into Singapore are subjected to duties and/or GST.
 
GST is calculated on the value which includes cost, insurance and freight plus customs duty payable (if any) , unless the imported goods are for storage in a licensed warehouse or Free Trade Zone, or imported under the Zero GST  Warehouse Scheme, or under the Major Exporter Scheme.
 
If you are a GST registered trader and have paid GST to Singapore Customs on your imports, you can claim input tax deduction in your GST returns submitted to the Comptroller of GST.

This tax code is created in Realtimme to separate the transactions from import purchases [IM] for the purpose of claiming the GST input tax amount from the revenue department. This tax code shall apply to both users in Singapore and Malaysia


 

 

At Purchase Journal,

At GL payment entry,

 

 

Sample Report - GST report showing Input tax due to import purchases

 


Related Topics

Freight  with input tax paid on behalf

 

Direct payment to input tax account

 

FAQ : IM vs IMGST

 

 

Watch all videos:

Realtimme Training Portal

 

http://realtimme.cloudapp.net/basic/index.html?Fast_Tax_GST_IMPORT_IMGST.htm

 

 

As at 03        02/8/2016