The overseas supplier, who are not GST registered trader, will not have the GST charges on the invoice. The Customs (or the forwarder may pay on your half) will impose the GST on the imported goods when goods arrived in Singapore.

You can use the cost of goods sold or an expense account as a dummy account in the account tab of a payment transaction to record the GST paid on the imported goods.

The below information is from IRAS web site: http://iras.gov.sg/irasHome/page04.aspx?id=676 For such purchases with GST, your supplier has to indicate the GST payable on the tax invoice in Singapore dollars at the approved rate of exchange determined by him. You should claim input tax on such purchases based on the Singapore dollar amounts shown in the tax invoices. This requirement […]

Software: MoneyWorks   MoneyWorks version 6.0.3 is available for download, please check your software updates from the help menu. For Singapore user, version 6.0.3 added a new GST tax code ‘IM’. ‘IM’ GST code is set as 0% rate. ‘IM’ code is to be use together with ‘A’ code. How to use these GST code? […]