Review of Threshold for Compulsory GST Registration Since Introduction in 1994 to Adjust for 30 Years of Inflation

3 Mr Abdul Muhaimin Abdul Malik asked the Prime Minister and Minister for Finance whether the Ministry will review the $1 million taxable turnover threshold for compulsory GST registration, given that it has remained unchanged since GST was introduced in 1994 and has not been adjusted for over 30 years of inflation, which has effectively lowered the threshold in real terms and brought more small businesses into the compulsory registration net.

Mr Jeffrey Siow: We explained the considerations for the goods and services tax registration threshold and why it remains relevant to Mr Pritam Singh at the Committee of Supply debate on 28 February 2024. [Please refer to ​"Committee of Supply – Head M (Ministry of Finance)", Official Report, 28 February 2024, Vol 95, Issue 126, Budget section.]

Our position has not changed. The Member may wish to refer to the Hansard for the reply.