SINGAPORE (Feb 22): While the Goods and Services Tax took a back seat in this year’s Budget, apart from adjustments to the GST import reliefs for travellers, businesses were looking forward to a Budget boost that would make it easier for them to navigate global uncertainty.

Regardless, businesses should continue to manage their GST position to protect cash and cut costs to survive the gloom. The following are some areas for businesses to consider to ensure that the GST does not add to business costs.

Managing cash flow costs
The GST system is based on a system that allows registered businesses to recover the GST on its business purchases, which makes the tax cost-neutral unless you get the GST reporting wrong.

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