Business No Comments
Silver River Furniture, a Singapore Furniture Retailer, was fined S$4,000 on four counts of not complying with GST regulations on price displays. The Internal Revenue Authority of Singapore (IRAS) found two of Silver River Furniture’s advertisements in a local English daily in early 2012 with small print stating “all prices exclude delivery and GST”. A visit to the their showrooms also also found that their price tags excluded the GST.
GST-registered businesses MUST show GST-inclusive prices on all displays, advertisements, publications and even written or verbal quotations to the public. The only exception would be businesses in the hotel and food and beverage industries for goods and services that are subject to service charge. For their crime, for failing to comply with the GST price display requirements, the maximum penalty is a fine of S$5,000 for each count.