GST Registration Singapore
Does your business qualify for GST registration in Singapore? Our professionals can help you complete the process of registration and quarterly GST filing within the context of local regulations. Fees Start from S$300 onwards.
GST (Goods and Services Tax) Registration
GST, the acronym of Goods and Service Tax, is also called as VAT (Value Added Tax) in many other jurisdictions in the world. It is a consumer tax levied on the supply of goods and services. The current rate of Singapore GST is 7%, which is one of the lowest in the world.
There are two categories of GST registration: Compulsory Registration and Voluntary Registration.
As per the regulations of IRAS, business is required to register GST on a compulsory basis if it meets following conditions:
- The annual turnover of the business exceed the threshold of S$1 million (it is a retrospective basis).
- When a business reasonably expects the annual turnover to exceed S$1 million (it is a prospective basis).
It is worth mentioning that a business may face severe penalties in the case of the non-compliance. The authority has imposed the anti-avoidance provisions to prevent the businesses from avoiding GST registration by keeping the turnover below the threshold.
A business can apply for voluntary registration even if it is not liable to register GST on a compulsory basis. To register GST voluntarily, you should meet the following conditions:
- The annual turnover of the business is less than $S1 million SGD, or
- Your business sells goods only outside Singapore (out-of-scope supplies), or
- Your business makes exempt supplies of financial services that are also considered to be international services.
The key benefit of voluntary registration is that your business is allowed to claim the GST incurred on your purchase. As per the regulations, a business must remain voluntarily registered for at least two years. Similarly, the business must maintain the record for minimum five years, even after the business has terminated and deregistered from GST. Any additional conditions may also apply as per the instruction of IRAS.
Exemption from GST Registration
A business that deals with only zero-rated supplies can apply for an exemption from GST registration, even if the annual turnover of the business exceeds the threshold of S$1 million. Approval will be granted by IRAS, if the zero-rated supplies of your business are more than 90% or if the input tax of your business is greater than the output tax.
De-registration of GST
One can cancel the GST registration when the business is terminated or sold to another person, or the annual turnover does not exceed S$1 million. To de-register the GST, the applicant must submit an application form and required documents to IRAS within 30 days from the date of cessation.
Singapore GST Filing
All GST-registered business must submit a return (GST F5) to IRAS (tax authority) by their accounting cycle. More often than not, businesses in Singapore file their GST return on a quarterly basis. While filing a return, the businesses indicate the total value of their domestic sales, export and purchase from GST-registered business, the GST collected and GST claimed for that accounting period. You must submit a ‘nil’ return, even if there is no tax due for the respective period. IRAS enforces penalties for late filing GST returns.
To avoid enforcement actions of IRAS and comply with the law effectively, you are advised to take the assistance of our expert tax consultants. They ensure that registration or filing of GST of your business has been done as per the law. If you are interested in our services, contact us immediately.
Let us serve you with our best services for GST registration & GST filing in Singapore.
Our Fee Structure
|For voluntary GST registration for newly start up companies||S$350||One Time Fee|
|For compulsory GST registration as per GST regulations||S$300-S$500||One Time Fee|
|GST quarterly return for low volume transactions||S$200||Per Quarter|
|GST quarterly return for medium volume transactions||S$350||Per Quarter|
|GST quarterly return for high volume transactions||S$450||Per Quarter|