If you are registered GST and you have been quoting your price like this: $1,000 + GST, then you must read the following ASAP because you have already breached the price display requirement under our GST Act …
If you are registered for GST, you should be aware that under GST Act, you are required to show GST-inclusive prices on all price displays (e.g. price tags, price lists, advertisements, publicity brochures and website). Prices that are quoted, whether written or verbal, must also be GST-inclusive.
At the same time, starting from 1 Apr 2015, GST-registered businesses must display or quote both the GST-inclusive and GST-exclusive prices to show the GST-inclusive price at least as prominently as the GST-exclusive price.
Source: IRAS Website
You should also know that quoting the following clauses but not the GST-inclusive prices is not acceptable :
- “Prices stated are subject to GST”;
- “Prices stated are exclusive of GST”; and
- “Prices stated are before GST”.
Failure to comply with any of the price display requirements is an offence that can result in a fine of up to $5,000.
If you have any questions, please contact us at firstname.lastname@example.org.