Plans on Revising Qualification Threshold of $1 Million for GST Registration by Companies

Assoc Prof Jamus Jerome Lim asked the Prime Minister and Minister for Finance in light of the increased rates of inflation experienced over the past few years, whether there are plans to revise the qualification threshold of $1 million for GST registration.

At the Committee of Supply debate on 28 February 2024, I explained to Mr Pritam Singh the considerations for the Goods and Services Tax registration threshold and why the current threshold remains relevant. The Member may wish to refer to the Hansard for my reply. [Please refer to "Committee of Supply – Head M (Ministry of Finance)", Official Report, 28 February 2024, Vol 95, Issue 126, Budget section.]