GST Rates Hike in Singapore and Preparing the GST F5 in Xero

The ministry of finance has announced a GST rate hike in the budget for 2022. The increased GST rates will be 8% from January 1 2023 and 9% from 1 January 2024.

GST Rate Hike Impact

Although you must implement the new GST rates as soon as they come into effect, you must remain careful.

Businesses should not charge higher GST rates before the implementation date to hike prices. You can face penalties from IRAS if you do so.

Secondly, you should implement the changed rates incrementally as the first hike takes place in 2023 and the next one in 2024.

Using a cloud accounting system like Xero allows you to adjust these changes seamlessly and generate GST reports easily.

GST F5 in Xero

You can file your GST returns using your XERO account easily with these tips.

GST F5 is available to users with Xero starter, standard, or premium plans. Set your base currency to the Singapore Dollar.

Setting up the GST F5 requires accessing your account and choosing GST F5 tab from the report's menu.

XERO Updates for GST F5

Xero updates its F5 setup continuously for a better experience for its users.

• The settings page now includes a tax filing period option to improve the setup accuracy.

• You can now share the F5 information if PDF format with your advisor in a few clicks. You can save the current F5 report in PDF format as well.

• The F5 report settings now have filters to generate specific reports and extract only the valuable information that you need.

If you still got a question about GST F5 hikes and the setup in Xero, find us here to get in touch with our experts.