We are Accredited Tax Practitioners (GST) registered with Singapore Institute of Accredited Tax Professional (SIATP). Our GST services Singapore include:
GST Services Singapore
Why Choose Our GST Services?
Pricing
Fee | |
GST registration | S$500 |
GST submission | Included in our bookkeeping service |
What You Need To Know About GST
(1) Input tax of private expenses, S-plated car related expenses is not claimable.
(2) Supplies can be grouped into 7% taxable supplies, 0% taxable supplies, exempted supplies and out-of-scope.
(3) Goods & services supplied in Singapore but consumed out of Singapore, are treated as 0% taxable supplies.
(4) For certain industries, special GST schemes are available to ease their business operation and cashflow. For example, Major Export Scheme for major exporter, GST Margin Scheme/Discounted Sale Price Scheme for motor trade.
(5) Input tax incurred before GST registration is claimable if claiming conditions are met.
(6) For voluntary GST registration, GST-registered status must remain for 2 years.
Goods and Services Tax (GST) is a consumption tax levied on goods or services consumed in Singapore. In other countries, GST is known as the Value-Added Tax (VAT).
GST prevailing rate in Singapore is 7%.
GST registration can be grouped into compulsory registration and voluntary registration.
Compulsory. A business must register for GST when:
- Your taxable turnover for the past 12 months is more than $1 million; or
- You can reasonably expect your taxable turnover in the next 12 months to be more than S$1 million.
Voluntary. Even without S$ 1 million, a business can still register for GST subject to approval by IRAS.
GST-registered business must charge GST on taxable supplies and can claim input tax if claiming conditions are met. Input tax of private expenses is not claimable.
GST-registered business must submit GST to IRAS one month after the end of each prescribed accounting period. This is usually done on a quarterly basis.