Every GST-registered company have the responsibilities of charging and accounting for GST, filing GST returns on time, keeping proper and accurate business and accounting records for at least five years, as well as always display prices inclusive of GST.
If both GST-inclusive and GST-exclusive prices are displayed, the GST-inclusive price must be displayed at least as prominently as the GST-exclusive price.
A company is required to issue tax invoices for all its standard-rated supplies. When the supply’s total amount payable (including GST) does not exceed $1,000, a company may issue a simplified tax invoice. And its GST Registration Number should be reflected on all tax invoices, simplified tax invoices and receipts.
How to file GST in Singapore
GST-registered businesses are required to e-File their returns through myTax Portal and make payment to IRAS by the due date. Both GST returns and payment are due one month after the end of the accounting period covered by the return. If you are on GIRO plan for GST payment, GIRO deductions are on the 15th day of the month after the payment due date.
The first step if you are e-filing your returns for the first time or when you want to authorise/re-authorise a person for e-Filing. Log in to e-Services Authorisation System (EASY) using your business’ Access Code and your SingPass / IRAS PIN to authorise yourself, a staff or a third party (e.g. tax agent) for e-Filing.
Importantly, from the third quarter of 2018, you will need a CorpPass account that is assigned with IRAS GST e-Services to log in to myTax Portal to e-File your GST returns. You will no longer be able to log in using SingPass / IRAS PIN.
You complete your GST returns by filling the form GST F5 Return, which has thirteen boxes that you must fill. All figures reported in the GST Return must be in Singapore Currency.
If you have made errors in your submitted GST F5/ F7/ F8 forms, you should file GST F7 to correct the errors.
- GST F5: Return for Periodic Filing of GST
- GST F7: Return for Disclosing Errors on GST Returns Filed Previously
- GST F8: Return for Final Filing of GST
Informing IRAS about changes in business circumstances
A company must inform IRAS within 30 days after any change to your business circumstances. These changes include change in business registered address or mailing address, change in business name, change in business constitution or ownership, change in partner(s) or particulars of partner(s), or setting up of new partnerships business with the same composition of partners.
To keep track of all your obligations and responsibilities when filing GST, talk to an expert GST services provider in Singapore.
Accounting for GST at Point of De-registration
When a company’s GST registration is cancelled, it needs to account for GST on business assets held on the last day of registration if GST was previously claimed on their purchase and the total market value of these business assets is more than $10,000. These assets include inventories, fixed assets, non-residential properties and goods imported under the various GST schemes.
Late/ non-filing of GST
If a business fails to file it’s GST return by the due date, IRAS may take the following actions:
- issue an estimated Notice of Assessment (NOA) and impose a 5% late payment penalty on the estimated tax;
- impose a late submission penalty;
- summon the business or person responsible for running of the business (including sole-proprietor and director) to Court; and/or
- issue a warrant of arrest.
Take advantage of an experienced GST services provider in Singapore to help you understand exactly what to do when filing GST.
Stay informed of all your responsibilities as a GST registered company in Singapore
Every GST-registered company in Singapore should charge GST, filing returns, maintain accounting records, and display prices inclusive of GST. For more on what you need to know when filing GST, consult our experts.