An importer intends to hand-carry goods via Changi Airport but his invoice only shows the value of the goods without insurance and freight charges. How would the GST be computed?
In general, all goods imported into Singapore are subjected to Goods and Services Tax (GST) levied at the prevailing rate on the Cost, Insurance and Freight (CIF) value. This includes all other charges, costs and expenses incidental to the sale and delivery of the goods into Singapore.
The importer has to check with the exporter on the incoterms of the invoice to compute GST based on the CIF value.
The total value indicated in the invoices or receipts will be converted into Singapore dollars.
GST is calculated based on the total value minus the GST relief granted if the importer is a bona fide traveller and the goods are meant for his personal consumption and not for commercial use.
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