What is the meaning of exempt supply?

An exempt supply means GST (Goods and Services Tax) free goods and services sold by the companies. No GST will be levied upon such products and services.

Exempt supplies include:

• Sale and lease of the residential properties in Singapore
• Importing and supplying locally IPC (investment precious metals)
• Provision of financial services
• Digital payment tokens supply

Financial services that are exempt from GST are provided in paragraph 1 of the Fourth Schedule of the GST Act. These financial services include:

• Bank charges for bank account operation
• Currency exchange
• Provision of loan
• Life policy by an insurance company
• Issuing or selling shares or bonds
• Provision of derivative that will not lead to any goods or services delivery