Goods and Services Tax (GST) is a domestic consumption tax which is chargeable on supplies of goods and services made in Singapore. As a GST-registered merchant, you are effectively acts as a tax collecting agent in collecting the GST which you have charged on your local supplies of goods and services. Businesses are required to continually assess the need to be registered for GST.
In most cases, registering for GST is compulsory when:
-> Retrospective View
ⓐ Your taxable turnover at the end of the calendar quarter (i.e. 3 months ending Mar, Jun, Sep or Dec) prior to 1 Jan 2019 and the past three quarters is more than $1 million.
You will have to monitor at the end of every calendar quarter and register for GST if your taxable turnover for the past 12 months exceeds $1 million.
ⓑ Your taxable turnover at the end of any calendar year on or after 1 Jan 2019 is more than $1 million. New!
For periods on or after 1 Jan 2019, taxable turnover will be computed on a calendar year basis for the purpose of determining registration liability. You have to monitor at the end of every calendar year (i.e. 31 Dec) and register for GST if your annual taxable turnover exceeds $1 million.
ⓒ Your combine sales for all your sole-proprietorship OR combines sales for all your partnership with the same composition of partners is more than $1 million.
-> Prospective View
You are currently making sales and you can reasonably expect your taxable turnover of your business in the next 12 months to be more than S$1 million. e.g. signing of a sales contract or business agreement. You must continuously monitor if have reasons to believe (e.g. confirmed contract or agreement bringing in high revenue) that the taxable supplies will be more than S$1 million in the next 12 months (under “Prospective View”).
There are serious consequences for late registration:
1. Your date of registration will be backdated to the date that you were liable to be registered.
2. You will have to account for and pay GST on your past sales starting from the effective date of registration, even if you did not collect any GST from your customers.
3. You may face a fine of up to $10,000 and a penalty equal to 10% of the GST due. Prosecution action may apply.
You can also choose to be voluntarily registered for GST even though your business turnover does not fall under above circumstances. However, approval is subjected to assessment by Inland Revenue Authority of Singapore (“IRAS”). A deposit may be required from the applicant if the Comptroller deems fit and the applicant is expected to attend a course to learn the basic knowledge of GST so that you can be in compliance with the GST law.
Our services include:
ⓐ GST Registration
ⓑ GST Deregistration
ⓒ GST computation
ⓓ Perform regular submission and filing of GST Returns
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