SP298 Series Fast, Reliable, Cost Effective Matrix Impact Slip Printers
Rugged bi-directional printer capable of graphics using a highly reliable 9-pin print head
Up to 3.1 lines per second with bi-directional cheque mode
High reliability with helix head drive 9 million lines Calculated Real Time MCBF / 2.5 million lines Traditional
Epson TM-U295 compatible with same size footprint and interchangeable power supply
Unique AutoSide Loading™
GST RATE CHANGE
In Budget 2022, the Minister for Finance announced that the GST rate will be increased from:
• 7% to 8%, with effect from 1 Jan 2023; and
• 8% to 9%, with effect from 1 Jan 2024.
Following this, we wish to inform you that Spartan System (S) Pte Ltd will be charging Goods and Services Tax (GST) as per the guidance below.
GST Rate Change
The GST rate chargeable will be the prevailing rate at the time of supply. The time of supply will be the earlier of:
• when an invoice in respect of the supply is issued; or
• when a payment in respect of the supply is received under Sections 11, 11A, 11B and 11C of the GST Act.
If the supply takes place GST applicable
Before 1 Jan 2023 7%
Between 1 Jan to 31 Dec 2023 8%
On/after 1 Jan 2024 9%
Transitional Rule for Rate Change
IRAS has provided an e-tax guide that explains the general transitional rules applicable to transactions spanning the rate change. In summary:
Transitional rules apply to supplies that span the rate change date which may affect the GST rate chargeable. A supply spans a GST rate change when one or more of the following events take place wholly or partially on or after 1 Jan 2023:
(i) the issuance of invoice;
(ii) the receipt of payment; and/or
(iii) performance of services (in the context of insurance business, this is interpreted as policy period of insurance.)
For supplies spanning the rate change date, the transitional rules will apply to determine the GST rate chargeable on the supply as per summary below:
Invoice issued date Period of Insurance (POI) Payment before 1 Jan 2023 Payment on/after 1 Jan 2023
Before 1 Jan 2023 2022 2022 7% 7%
2022 2023 7% (for POI in 2022) or 8% (for POI in 2023)
2023 2023 8%
On/after 1 Jan 2023 2022 2022
If full payment is received or the supply is fully performed before 1 Jan 2023, the supply is subject to 7% GST. In all other circumstances, part or full value of the supply will have to be adjusted to 8% GST. A credit note will be issued for the initial invoice charged at 7% and a new tax invoice will be issued for applicable revised GST rate based on the transition rules from IRAS.