Not really. It all depends on how you look at it.
There are 2 portions to GST, 1) input tax (the GST paid by you), 2)
output tax (the GST charged by you).
The amount of GST you pay to government is the difference between
the output tax and the input tax.
e.g. If you buy a $100 item (input tax paid by business $5), you
sell it for $200 (output tax charged to customers $10). You need to
pay the difference of $5 ($10-$5) back to the government.
The only time you can claim GST credits back from government is
when your input tax is more than your output tax.
e.g. You buy $100 worth of noodles (input tax $5), you only managed
to sell $50 of fishball noodles (output tax of $2.50), since the
noodles is perishables (you claim that it's spoilt due to time).
You get to claim back $2.50 ($5-$2.50) back from IRAS.
Hehehe.......
The only problem is, you need to keep accounting records, which is
a big hassle in you neighbourhood coffeeshop.
Other than that, it won't benefit Singapore companies supplying
their products in Singapore. Unless they zero rate or exempt
certain essentials like rice, sugar, noodles, salt, flour,
etc.