Singapore companies with an annual turnover that exceeds SGD $1million are required to register for GST collection. Other companies may also choose to register for GST voluntarily after careful consideration.
The GST is currently set at 7 percent. It is a broad-based self-assessed consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. That being said, some items are exempt from the tax. These items include most financial services, the sale or lease of residential properties, and the importation and local supply of investment precious metals. Exported goods and intentional services are also exempted.
Explore seeking the help of GST service providers to help you navigate your GST-related obligations.
Get expert assistance in registration and filing of GST in Singapore
GST is the 7% broad-based consumption tax levied on the import of goods, as well as nearly all supplies of goods and services in Singapore. We can help you understand the details and file GST accurately and in compliance with local laws.