- Most businesses register for GST to claim back the GST
incurred on their business purchases.
- When GST paid exceeds GST collected, the difference can be
claimed from IRAS as a GST refund.
- When GST collected exceeds GST paid, you have to pay the
difference to IRAS.
- When GST rate increase, it may make business sense to
voluntarily register to collect GST in order to claim back GST
incurred on business purchases.