No, Singapore's Goods and Services Tax (GST) is not going up in 2025. Following a two-stage hike, the rate stabilized at 9% on 1 January 2024, after increasing from 8%. There are no scheduled further increases, with officials stating no need for a hike until 2030.
What are the new changes in GST 2025? Starting September 22, 2025, GST in India will be simplified to primarily two rates: 5% and 18%, with a special 40% rate on luxury and sin goods like tobacco and high-end vehicles.
Goods and services tax credit
According to the federal government, the maximum annual amount an individual may receive from July 2025 to June 2026 is $533, while a married or common-law couple could see up to $698 combined.
How to calculate service charge and GST from your total bill
It was announced in Singapore's Budget in February 2022, that there would be a two-stage GST rate increase. The first stage was implemented in January 2023 from 7% to 8%, The second stage, a change from 8% to 9% will be implemented on 1 January 2024.
Singapore's GST rate is evolving. Currently at 7%, it is slated to increase to 8% in 2023 and then to 9% by January 1, 2024. This gradual rise is a strategic decision by the government to enhance funding for crucial services, particularly healthcare.
Singapore boasts a competitive and progressive tax regime, with rates ranging from 0% on income less than S$20,000 (around US$14,920) to 24% over S$1M (around US$746,010). Additionally, there are no taxes on foreign income.
Singapore GST rate: The standard GST rate is 9%, while a 0% rate applies to exports and international transport services. Filing & penalties: GST returns are filed quarterly, and late filings or payments can result in financial penalties and additional interest charges.
New GST Rate of 9% in 2024
Come 1 Jan 2024, the GST rate will be raised from 8% to 9%, as part of the two-step GST rate change announced by the Minister for Finance in Budget 2022. The first step from 7% to 8% had taken place earlier on 1 Jan 2023.
If your GST turnover is below the $75,000 threshold, you may choose to register. But if you do, regardless of your turnover, you must: include GST in the price of most goods and services you sell. claim GST credits for most business purchases you make.
You may be eligible if: You are 19 years or older, or. You have (or had) a spouse or common-law partner, or. You are (or were) a parent living with your child.
Maximum marginal rate is the highest rate of tax at any income level. This means for those with incomes between Rs 2 crore and Rs 5 crore, 39% will be the highest applicable tax rate, and for those with incomes above Rs 5 crore, it will be 42.74% — the highest tax rate since 1992.
Tax changes for 2025, largely driven by the "One Big Beautiful Bill" (OBBBA) Act, introduce significant deductions for seniors, tips, overtime, and auto loan interest, expand the Child Tax Credit, and raise the SALT deduction cap to $40,000, while making several 2017 Tax Cuts and Jobs Act provisions permanent, including the seven tax brackets. Key changes include a $2,200 Child Tax Credit, a $6,000 senior deduction, deductions for qualified tips and overtime, and a permanent standard deduction increase.
India's Goods and Services Tax (GST) system has entered a new era with the rollout of GST 2.0, effective from September 22, 2025. The Council has simplified the structure into a 5% slab for essentials, 18% for standard goods, and 40% for luxury/sin items, replacing the earlier complex categories.
All goods imported into Singapore are subject to Goods and Services Tax (GST) at the prevailing rate. It is calculated based on: Customs value of the goods, plus all duties, or.
Singapore's Minister of Finance announced in the Budget 2022 that the GST rate will be increased in two steps. First, from 7% to 8% from January 1, 2023 and then from 8% to 9% from January 1, 2024.
A person is subject to tax on employment income for services performed in Singapore, regardless of whether the remuneration is paid in or outside Singapore. Resident individuals who derive income from sources outside Singapore are not subject to tax on such income.
Among the countries with the lowest tax rates in the world are Malta, Cyprus, Andorra, Montenegro and Singapore. Aside from zero income tax, in Antigua and Barbuda, individuals are also free from paying taxes on wealth, capital gains, and inheritance.
A good salary in Singapore for Indians typically ranges from SGD 6,000 to SGD 10,000 per month for mid-level professionals. Senior roles may command higher salaries, exceeding SGD 12,000 per month, depending on industry, experience, and job profile.
What is New in 2025 HST/GST Credit Increase? Every year, the CRA adjusts federal tax benefits based on inflation. For 2025, the CRA HST credit will rise by 2.7%, starting with the July 2025 GST HST payment. While this increase is lower than 2024's 4.7%, it still brings welcome support for millions across the country.
BofA adds that Singapore's disciplined policy framework, large foreign asset base, and steady external position have enhanced its currency's defensive characteristics.
In 2022, the GST increase was announced to take place in two stages, to 8% on 1 January 2023 and 9% on 1 January 2024.