GOODS & SERVICES TAX - QUIZ

Amex Pte Ltd, a Non-GST registered business, bought $80,000 worth of goods from a GST registered supplier and sold them at a mark up of 50% to local GST registered customers. The net GST impact for Amex Pte Ltd will be

• $3,200 net GST payable

• $6,400 net GST claimable

• $9,600 net GST payable

• No GST claimable or payable

Jacob, a GST registered business, bought $50,000 worth of goods from a Non-GST registered supplier and sold them at a mark up of 8% to local Non-GST registered customers. The net GST impact for Mega will be

• $320 net GST payable.

• $4,000 net GST payable.

• $4,320 net GST payable.

• No GST claimable or payable.

Goods and Services Tax (GST) is a broad-based consumption tax levied on nearly all supplies of goods and services in Singapore, as well as the

• export of goods.

• import of goods.

• donation of goods.

• production of goods.

When a supply is exempt, GST is

• not applicable.

• charged at 0%.

• charged at 8%.

• charged at 9%.

Alan, the sole proprietor of a small business, decides to sell his personal laptop online. What supply does this relate to?

• Exempt supply.

• Zero-rated supply.

• Out-of-scope supply.

• Standard-rated supply.

Cherry Pte Ltd fully delivered its painting services for its customer Melania, and she fully paid the amount before 1 January 2024. However, Bright Colours Pte Ltd only managed to issue the invoice after 1 January 2024. What should be the GST rate charged?

• 7%

• 8%

• 9%

• 10%

A business must register for GST when its taxable turnover at the end of the calendar year exceeds

• $10,000.

• $100,000.

• $1,000,000.

• $10,000,000.

Who collects GST in Singapore?

• Consumers.

• Singapore Customs.

• Government agencies.

• Non-profit organisations.

What is an advantage of being a GST-registered business?

• Consumers who are sensitive to price changes may switch to cheaper or non-GST alternatives.

• Claim GST incurred on business purchases of goods and services from other GST registered businesses.

• Costs and risks associated with GST audits and investigations conducted by the tax authority to ensure compliance.

• Cope with the changes in the GST system, as the tax authority may revise or introduce new GST rates, rules, regulations, or schemes from time to time.

Which of the following categories make up non-taxable supplies?

• Zero-rated supplies only.

• Exempt and out-of-scope supplies only.

• Zero-rated, exempt and out-of-scope supplies only.

• Standard-rated, zero-rated, exempt and out-of-scope supplies.