What should I do if I sold goods imported on a consignment basis at a higher price than the import value declared in the In-Payment GST permit?

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Accepted Answer

A short payment permit must be obtained if the net sale proceeds is higher than the import value declared in the In-Payment "GST" (IG) permit (e.g. if the value of consignment goods declared in the IG permit was S$1,000 and the goods were sold at S$1,500.

After deducting your remuneration of S$100, S$1,400 is remitted to the supplier overseas as net sale proceeds.

Regardless of whether the goods are sold to a local or foreign buyer, you need to account for the difference between the net sale proceeds and the declared value i.e. S$400 (S$1,400 less S$1,000) by obtaining a short payment permit on TradeNet under the message type "In-Payment (IPT)" and declaration type "GST (Including duty exemption)".

Please take note of the information to be declared in the following data fields in the short payment permit:

Data Field	Information to be declared
Place of Receipt Code	SPNOSTK (Short Payment Not Involving Updates to Stock)
Previous Permit Number	Previous IG permit number

You will also be required to retain your supporting documents (e.g. sales invoice(s)) and submit them to Singapore Customs for verification, if requested to do so.

What should I do if I sold goods imported on a consignment basis at a higher price than the import value declared in the In-Payment GST permit?

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