What is GST ?
Goods and Service Tax (GST), similar to the Value Added Tax (VAT) in many countries, is a consumption tax on most domestic goods and services. Singapore’s GST is currently at 7%.
GST is exempted for the sale and lease of residential properties and most financial services. Export of goods and international services are not subject to GST. GST is collected by suppliers of domestic goods and services who are registered with the Comptroller of GST. For the import of goods, GST is collected by Singapore Customs at the point of importation into Singapore.
A supplier of goods and/or services, whose annual revenue exceeds or is likely to exceed S$1 million, is required to register with the Comptroller of GST. A supplier, whose revenue does not exceed S$1 million may voluntarily register with the Comptroller if it is beneficial to the business. The approval of such registrations is at the discretion of the Comptroller. Once voluntarily registered, the supplier must comply with the regulatory requirements and stay registered for a minimum of 2 years.
How GST Works
we offers a GST service that helps ease the process of filing and complying with statutory requirements. Our accounts consultants can help you with the following:
I. GST Registration : We will register for GST on your behalf with Inland Revenue Authority of Singapore (IRAS) and follow up with all queries regarding the registration.
II. GST Filing: We offer an assessment that determines the impact of GST registration on your company and customers. Based on the assessment, we will advise you on the optimum GST filing cycle for your company. We offers monthly, quarterly and biannual GST filing.
Our service also includes providing advice on compliance matters as well as any incentives provided by the government for voluntary registration.
In order to ensure an error-free GST compliance, the IRAS introduced the GST Assisted Self-help Kit (GST ASK) initiative in April 2010 as a self-assessment package to help GST-registered businesses (GRBs). GST ASK is a self-appraisal exercise to help the GRBs verify the accuracy of their GST returns and help them manage their compliance.