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📢 [UPCOMING] Seller Portal Refresh, please refer to this FAQ for more information!
[Posted on 18 August 2022]
Dear Sellers,
In view of the increase in GST from 7% to 8% on the 1st Jan 2023, we would like to invite sellers who are planning to increase their prices by 1% due to the GST increase to join a mass exercise where FairPrice systems team would help to do the 1% price increment on your behalf for your entire catalog with us.
To join the mass exercise, simply respond to this survey by 25 November 2022.
Survey link: https://forms.gle/CvRkrX8ACSK1hFan8
If a 'Yes' response is received, a price increase of 1% will then be automatically applied on all your SKUs on the 1st Jan 2023. No further action other than your response to this survey is required. You do not need to submit a SKU Maintainence price update in the system if you have submitted, and agree to all conditions in this form.
The 1% increase price calculation will be based on the price in our system as of 24 Dec 2022.
Should you only wish to change your price for some of your catalog, please note that you may change your prices by submitting the SKU maintenance form via the seller portal.
Please ensure you make any price changes via SKU Maintenance by 21 Dec 2022. Any submission of price changes after this date will may not be approved before 24 Dec.
Click here to learn how to change your RSP.
Please do note the system freeze period from 24 Dec 2022 to 1 Jan 2023 where SKU maintenance will not be allowed and plan your price changes either before or after these dates.
Regardless of joining this mass exercise, all Sellers acknowledge that price parity for RSP of your SKUs is to be maintained across all your e-commerce stores, as per the Marketplace Agreement.
All sellers are required to respond to this survey by 25 November 2022. After this date, we will assume that you will not be joining the mass exercise and you will have to manually change your prices.
Note:
The computation method for the system 1% price increase are as follows-
Current RSP of item (GST 7%) : $1.50 ( GST inclusive)
New RSP of item (GST 8%) : $1.50 / 1.07*1.08 = $1.514
Final listing price : $1.51
As seen in the example above, the final listing price will be truncated at 2 decimal places with no rounding.
GST Increase Sales Breakdown Expectations for Jan 2023
For Jan 2023 Cycle 1 report onward, sellers will be expecting to see sales lines at a GST 8% transaction for orders that were placed by customers in 2023 and delivered in 2023. Orders that were placed by customers in 2022 but delivered in 2023 will be transacted at 7% GST.
For customer order cancellations after last mile dispatch and items are returned to the seller. The return will be reflected as a negative transaction line in the seller sales breakdown report (SBR), the charge on GST will depend on the customer order date. As per rule in point B1.
For returns where items are collected back from customers and returned to the seller. The return will be reflected as a negative transaction line in the seller SBR, the charge on GST will be based on the return date stated on the report. It will be reflected as 7% on returns recorded in 2022 and 8% for returns recorded in 2023.
For credit amounts to sellers due to warehouse operational errors (i.e. warehouse damages items), the GST chargeable will be based on the recorded date of write-off by warehouse staff and reflected in the seller SBR accordingly. It will be reflected as 7% on write-offs recorded in 2022 and 8% for write-offs recorded in 2023.
For sellers running ad-hoc promotion code discounts in Dec 2022, but only billed in Jan 2023, the GST on the promotion code transaction claims will be 7% if the promotion code was used for orders placed by customers in 2022 and will be at 8% if the promotion code was used for orders placed by customers in 2023.
For sellers buying citrus ad credits, if the payment for the credit is made in 2022, the GST charged will be 7%. If payment is made in 2023 it will be at 8%.
Thank you!
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