All Singapore businesses with annual taxable supplies that amount to more than S$1 million need to register for GST in Singapore. GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), and nearly all supplies of goods and services in Singapore. However, certain items are GST tax-exempt. Some examples of these items include most financial services, the selling and leasing of residential properties, and the importation and local supply of investment precious metals. Also, exported goods and international services are zero-rated.
We provide services that help you ease the process of filing and complying with statutory requirements of GST including the following functions and more:
- GST registration, and de-registration
- GST filing
- Correcting errors made in GST return
- Appeal for waiver of GST penalty
- Advise on claim ability of input tax
- Perform assisted self-help kit “ASK” review
- Assist and advise on GST queries and/or audit by tax authorities
- Advise on GST issues including imports and exports, international services, transfer of businesses, purchase, and sale of real estate, etc
Engage us to handle your GST-related matters to get the following benefits:
The GST registration process of a company in Singapore can be slightly different; this depends on the registration type and constitution of its business. There are two types of GST registration – compulsory and voluntary. We can help you determine which type your business falls under.
Computing input and output tax
A company that has registered for GST needs to charge GST on supplies at the existing rate. GST that is charged and collected is also called output tax. According to IRAS, this output tax needs to be paid to them. GST the company incurs for business-related purchases and expenses is named input tax. If your business meets the conditions for claiming input tax, you can proceed to claim this tax on your company’s expenses and purchases. Our domain experts will guide you on computing input and output tax.
Get a comprehensive overview of Goods and Services Tax (GST) in Singapore, including GST rates, registration, exemption and general dos and don’ts.
Always stay complaint
Every GST-registered business is responsible for charging and accounting GST, filing GST returns within the deadlines, store official, proper business and accounting records for five years, and ensure all display prices include GST. We take care of all these compliance requirements.
Correct invoicing method
A tax invoice must be issued when your customer is GST registered. If the total amount payable for the supply (including GST) is not more than S$1,000, a simplified tax invoice may be issued. For non-GST registered customers a receipt instead of tax invoice may be issued. Our tax experts can guide you on the correct invoicing method.
Completing GST return
We can assist in preparing and filling up the GST returns.
When a business does not file their GST return by the due date, IRAS may follow-up with these actions: issue an estimated Notice of Assessment (NOA) and enforce a 5% late payment penalty on the estimated tax; impose a late submission penalty; summon the business or person responsible for the running of the business (including sole-proprietor and director) to Court; and/or issue a warrant of arrest. You can avoid all these penalties by engaging Singapore Tax Accounting Services to take care of your GST matters.
The benefit of GST assistance schemes
Finally, to create a pro-business environment, Singapore has several assistance schemes relating to GST. These schemes are aimed at easing the cash flow for businesses. Our experts can look at your business and advise on what schemes are applicable to your business.
Register and file GST in Singapore with ease and accuracy
Let us take care of all things related to GST in Singapore so that you file on time correctly, stay compliant, avoid penalties and most of all, get peace of mind to grow your business.