Section 95 of the GST Act 2021, provides that all prices displayed, quoted and advertised should be inclusive of GST. However, to aid in the successful implementation of GST, the Comptroller of the IRD will allow GST taxable persons in specified retail operations to temporarily display prices exclusive of GST effective 1st July 2022 to a date to be determined by the IRD. This discretionary provision is in accordance with section 95(5) of the GST Act which provides for the Comptroller to approve alternative methods of displaying prices of goods and services to a class of taxable persons.
GST taxable persons conducting any of the business activities specified below are required to notify the Comptroller, in writing by 30th June 2022, of their intent to utilize the temporary GST exclusive pricing option.
o Supermarkets, grocery stores and convenience stores
o Beauty supply stores
o Pharmacies
o Restaurants and Bars
o Hardware stores
o Boutiques
o Stationaries/Book stores
The impact of this temporary measure will be closely monitored up to three (3) months post GST implementation. At which time, a definitive position will be made on how prices are to be displayed for GST purposes.
Please note that all other classes of taxable persons, not specified above, are required to display, quote and advertise prices inclusive of GST. Therefore, all taxable persons are advised to make the necessary adjustments to their price displays in preparation for the implementation of GST on 1st July 2022.
For more information, please refer to the Pricing Mechanism Guide which is available on the IRD’s website. Please also feel free to contact the Department at gst@gov.ai or inlandrevenue@gov.ai should you have any questions and visit our website and Facebook page for the most current publications on GST.
– Press Release
