In Singapore, GST is a consumption tax levied on the supply of goods and services and the goods imported into Singapore from other countries. GST is an indirect tax, provided by GST-registered businesses applied to the selling price of goods and services. The current GST rate is 7%.
Electronic invoice (e-invoice) automates and eliminates manual intervention in sending and sharing of invoices between a buyer and a seller. This means that the invoice is created, sent, and received in standard electronic format. This allows buyers and sellers to automate invoice processing.
The Singapore Government is doing its best to help businesses, especially small businesses, to overcome their financial hurdles during Covid-19. Here is a list of some government grants to help small business owners in these trying times.
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