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Epica FAQ Series

What is the meaning of taxable turnover?

GST

What is the meaning of taxable turnover?

Taxable turnover is the combined value of all the taxable supplies that are made in Singapore (excluding Goods & Service Tax) during the course of the advancement of the business.

The taxable turnover includes the value of:

  • All the standard-rated supplies including revenue, fees, and income from all business activities, rental of commercial properties, and rental of furniture and fittings (GST at 7% rate)
  • All the zero-rated supplies that are the goods that you export from Singapore and international services under Section 21(3) of GST Act (GST at 0% rate)

However, the taxable turnover excludes:

  • Exempt supplies that include financial services (mostly) like bank interest and renting or selling of residential properties
  • Out-of-scope supplies that are dividend income or third-country sales
  • Sale of capital assets

Under the GST Act, there are exempt supplies that are international services. In order to determine your GST registration liability, you must exclude their values from your total taxable supplies as well.

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