Gst margin scheme



Keywords: gst margin scheme
Description: Under the Gross Margin Scheme, GST is accounted for on the gross margin instead of full value of the goods supplied. When the selling price is lower than or equal to the purchase price, the gross

Under the Gross Margin Scheme, GST is accounted for on the gross margin instead of full value of the goods supplied.

When the selling price is lower than or equal to the purchase price, the gross margin is treated as nil and no GST has to be accounted for.

However, the selling price is to be reported in Box 1 (Total value of standard-rated supplies) of the GST return.

For instance, dealers in second-hand motor vehicles electrical appliances, furniture or jewellery are in the business of selling used goods.

You should not use the scheme if you make once-off or occasional sale of used goods such as disposal of business assets.

  1. Non-GST registered supplier (e.g. an individual); or
  2. GST-registered supplier who had used the Gross Margin Scheme (i.e. you have not been issued a tax invoice and have not claimed any input tax).

After verifying that all conditions and obligations stated in the form can be satisfied, please submit the original form to IRAS.

If you had previously obtained approval to use the scheme, you can  continue to use the scheme. You do not need to submit the form to IRAS.






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