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

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!

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. 

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:

• Set up and use GST in QuickBooks Online
• How do I set up sales GST rates and use them on forms? (International QBO)

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

Dear Quickbooks team

I have been informed that the Singapore GST rate change in Quickbooks online will be automatically updated but the reply here said otherwise.

Hi there, @LBTPS.

It's good to see you here in the Community.  I can help share some insights about GST  rates in QuickBooks. 

Total GST rates are the sum of states rates plus local rates (which may include city, county, and/or district rates). You don't have to keep track of all the rates you need to charge. QuickBooks does all that based on the location of sale or the "ship to" address you add in an invoice or receipt.

 The total tax rate for each sale based on the following:

• Your customer's tax-exempt status
• Where you sell and where you ship
• What you sell

Additionally, you can always run any customer reports to track all the data you've entered into the system. Then customise it to show specific information. For more details about customising, check out this article: Run reports in QBO. 

Lastly, check out these pages below about handling taxes, sales forms, reports, and other related matters. 

• QBO Singapore User Guide
• Customise invoices, estimates, and sales receipts

Also, you can check this article if you wanted to change your Tax rate: Change custom sales tax rates.

Leave a comment below if you have further questions about your taxes. I'm happy to help you again. Take care. 

Hi Abegail, your reply is not relevant to the question asked. Please read previous messages thread.

Hello there, LBTPS.

I appreciate you for getting back to us. I'm here to give more information about changing the GST rate.

The amount of GST you collect may increase or decrease. That said, you'll have to change it manually. Let me guide you through the steps:

1. Go to Taxes.
2. Select the Edit GST dropdown, then Edit rates.
3. In the tax rate table, choose the rate you want to change and select Edit.
4. In the Edit tax rate window, change the rate. 
5. Set the Effective date.
6. Select Save.
7. Click Yes.

I've added this link as your guide in paying and filing GST: File and pay Tax/GST.

Keep me posted whenever you need help with filing the GST.

Hi Quickbooks Team

This is extremely unhelpful. We have 2000 recurring transactions set up. You are requiring us to manually change each transaction one by one? Is there no bulk change option?

All other accounting systems automatically update the GST amounts based on local GST changes.

We will be switching over to Xero before 2024 to avoid a repeat of this problem before Jan 2024.

Hi Adrian

From what I understand and have just verified by testing it that Quickbooks online have updated the GST rate come Jan 2023 to 8%.  Meaning if an Invoice or Bill is entered as 1 Jan 2023 onwards, the 8% GST rate will be available for selection.

Users do not need to create a new GST rate or edit the current GST rate.

Thanks LBTPS. You are obviously more knowledgeable about QBO than their official support team.

Do you happen to know how the recurring invoices work? Will the GST get updated for those invoices?

Thank you mvit, I happened to have that info. on hand.  For recurring, I suspect we have to do a one-time edit individually but hopefully the QBO team can provide some clarity on this.

Did a simple check by entering an invoice. Once the date is input as 1Jan23, the 8% codes appear for selection! Very happy!

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. (IS THIS OK?)

I have duplicate rates that but would like to combine them into one? How do I do it?  Attached file to show the different rates. Rates are the same but the layout is different.

Can QBO help with this?

I think this actually happens because i created a new rate and latter on QBO create the auto 8%, but there is no way for me to amend it anywhere thus stuck with duplicates of 8%

Thanks for checking out the Community space, Starry.

I've checked your posts and found that you've published similar questions twice. Please know that the identical one has already been answered by my colleague, LeizylM. 

You can view her answer through this link where she explained the steps on how to manage your GST rates: https://quickbooks.intuit.com/learn-support/en-sg/other-questions/re-can-t-change-gst-rates/01/12371....

To learn how to pay the sales tax that you owe and update your rates to make sure you collect the right amount, I recommend reading these articles: 

• Edit GST rate
• File and pay Tax/GST

I'll be right here to continue helping if you have follow-up questions regarding this matter. Assistance is just a post away, Starry!

Hi KlentB,

Thanks for the prompt reply.

Under the rates there is only one 8% and there is no edit button under the edit rates. The different duplicates of 8% are still there in the transactions if you can see my file under the tax liability report.

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.

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

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.