Skip to main content
M
mvit
May 4, 2022
Question

Singapore GST rate change to 8%, and then 9%

  • May 4, 2022
  • 2 replies
  • 0 views

Singapore is about to change GST rates from 7% to 8%, and then 9%. https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-rate-change/gst-rate-change-for-consumers1

 

Some questions:

 

1) How do I set up these rates in QBO? Is this something QBO will set up automatically? Or do I need to manually set up custom tax rate?

 

2) I have hundreds of recurring invoices set on 7% GST. As the rate changes to 8%, is there a way I can automatically change all of these to 8% in the system?

2 replies

A
AileneA
May 4, 2022

Hello, mvit. 

 

It's good to see you here in the Community. Updating the GST rate needs to be done manually, as well as your recurring transaction in QuickBooks. That said, you'll need to create a new tax rate in QuickBooks. Before we proceed, please take note some reminders below: 

 

 

  • Existing transactions that used the earlier rate remain unchanged unless you edit the transaction and specifically select a different GST rate.
  • For recurring templates that use the changed component, new transactions created with the template use the new rate. Existing transactions created with the template and the earlier rate remain unchanged.
  • The new rate will be available for new transactions entered after the Effective date. 
  • If you create a new transaction dated before the set Effective date, the transaction uses the old rate. 
  • If you create a new transaction but use dates in the past, the transaction uses the new rate. 

 

Now let's go ahead and create a new GST rate in QuickBooks. 

 

  1. Go to Taxes.
  2. Select Add tax. 
  3. Choose What type of tax do you want to add?
  4.  Enter all the information needed. 
  5. Press Save once done.  

 

Once finished, you can modify the recurring transaction manually. Please visit this article for more details about recurring transactions: Edit a recurring template.  

 

When you run reports the data still show for both rates (before and after) if there are transactions for both the rates in a particular period. 

 

That's it. Please don't hesitate to reach out here in the Community. If you have clarification about tax rate in QuickBooks. Take care!

S
shunhe_pl
October 30, 2022

Hi, understand we need to create the tax rate manually in "Tax Centre", "Add tax rate".

 

Can you please give more details on the fields in the "Add tax rate"?

 

Example:

- Sales vs purchases (pretty self explanatory)

- Sales rate (should be the new GST rate of 8%)

- Purchase rate (should be the new GST rate of 8%)

- Account (Liability, Expense, Non-Tracking)

- Show net amount on return line

 

It would be GREAT if we can be given option to COPY existing tax code and just change from "7"% to "8"%, or view the above fields. Currently NOT able to view the above fields when click on the existing tax codes, so it's difficult to set up the new codes. 

M
MirriamM
October 30, 2022

Hello there, @shunhe_pl.

 

I can see how having an option you're looking for in the program would be helpful. The Community recognizes feedback and suggestions from customers like you can help us improve our product and services to our customers' delight. For now, I suggest submitting feedback directly to our product engineers. 

 

To send feedback, here's how:

 

  1. Go to the Gear icon on your QBSE account.
  2. Select Intuit Account.
  3. Click Feedback.
  4. Enter your thoughts.
  5. Click Submit.

 

For more information on adding a tax rate, I recommend checking these articles:

 

 

Please come by the Community if you need anything else. I’ll be here to help. Take care and have a great day.

A
Archie_B
March 31, 2023

Hi, Starry. I have some details that can help you in resolving your problem.

You appear to be referring to the default tax rate set up by QuickBooks. That explains why there is no edit option for the tax. Keep in mind that the Edit option is only available for custom-added rates.

 

If you want to get rid of the duplicate rate, you can do so by making it inactive.

 

Here's how:

 

  1. From the Tax Centre, click Edit GST in the top right corner.
  2. Select Edit rates.
  3. Locate the duplicate tax rate and toggle the radio button to make it inactive.
  4. Then, hit Yes to confirm.

 

I've included this article for more information on the GST feature and how it is set up: Set up and use GST in QuickBooks Online.

 

Once you're ready to file and pay the taxes you owe, you can use this link as a future reference: File and pay Tax/GST.

 

If you have any further questions about your taxes, please leave a comment below. I'd be happy to assist you once more. Stay safe.

L
LBTPS
March 31, 2023

Hi Starry

 

I am going to suggest you don't do anything to the duplicate GST of 8% as it may affect the transactions that have already been entered.  The reason being before 1 March 2023, the GST 8% is appearing as "8% TX" and from 1 March 2023, it is showing just "TX".  They are both 8% GST created by Quickbooks and cannot be edit by user.

 

Hope this helps.

 

Best regards, Linda

S
Starry
April 5, 2023

Thank you Linda! That explains! Yes, there is actually only one Gst under tax rate and the difference is due to the new SR in March thus both "8% TX" n "TX" appearing in this quarter.

Terms & ConditionsAccessibility statement