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GST is a form of revenue to the government and is commonly called the consumption tax. It is charged by IRAS on the purchase of goods and services. The prevailing standard rate is at 7% with effect from July 2007.
Businesses registered for GST are known as GST Registered Traders. As a GST registered trader, they are to charge GST on goods on services. The GST collected is payable to IRAS.
You may require to register for GST if you offer the following or mix of services:
- Standard-Rated Supplies - refers to most goods and services supplied in Singapore and are charged at the prevailing rate.
- Zero-Rated Supplies - refers to goods which are exported or international services.
- Exempt Supplies - refers to supplies where there is no GST levied. Consequently, the input tax incurred to make these supplies cannot be claimed.
- Out-Of-Scope Supplies - refers to supplies which are outside the scope of the GST Act as they are either not supplied to local consumers nor removed from designated warehouses where GST is suspended. Third country sales and private transactions are common examples of out-of-scope supplies.
You may apply, using the prescribed form, for exemption from registering as GST Trader if your annual turnover exceeded $1 million and you do not supply standard-rated supplies.
If your turnover for the past 12 months is more than S$1 million, or at any time if your taxable supplies are expected to exceed S$1 million for the next 12 months, you are required to apply to be registered as a GST Trader. You need to submit your application within 30 days of becoming liable.
GST returns are filed either monthly, quarterly, half-yearly or annually. Generally the returns are filed quarterly and if you wish to vary the timing, you will have to qualify and/or specify with reasons together with the application form.
The due date for filing of GST is the last day of the month following the period ending. Eg. For the GST return for the period 1.1.08 to 31.03.08, you must file the GST return by 30.04.08. GST return is to be filed online. Therefore, you will have to ensure that you have a valid Access Code of the Company in order to authorise the staff or third party to perform the e-filing on your behalf.
If you envisage that you may have difficulty in complying with IRAS' regulations for GST, we are pleased to offer the following services to your company :
- Review of GST requirement
- GST bookkeeping services
- Conducting Goods and Services Tax (GST) diagnostic reviews of your accounting records for compliance with GST requirements, including formulating a GST procedure manual
- Interpreting GST legislation and practice and making representation to the IRAS
- GST registration and de-registration, including application for Major Exporters Scheme (MES) and other GST incentives
- Attending to IRAS queries on GST matters and GST audits
- Special GST client training workshops
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