The Ultimate GST Guide
Your comprehensive guide to Goods and Services Tax compliance in Singapore.
IRAS GST Reliefs and Business Schemes
IRAS provides various GST relief schemes to help businesses manage their operating costs and cash flow.
1. Major Exporter Scheme (MES)
Designed for businesses that export a significant portion of their goods. MES suspends the payment of GST on goods imported into Singapore, helping exporter cash flows.
2. Import GST Deferment Scheme (IGDS)
Allows businesses to defer the payment of import GST at the point of import. Instead of paying at customs, the import GST is declared and deferred until the monthly GST return is filed.
3. Tourist Refund Scheme (TRS)
Allows tourists who purchase goods in Singapore from participating GST-registered retailers to claim a refund of the GST paid, if the goods are brought out of Singapore.
4. Gross Margin Scheme (GMS)
Mainly used by second-hand goods dealers. GST is charged only on the gross margin (selling price minus purchase price) rather than the full selling price.
