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Goods and Services Tax (GST) Services in Singapore
Should I register GST for my Company in Singapore?

My Company’s revenue is less than $1 million, Should I register GST for my Company? Please go through the article and you will get your answer.

GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. The only exemptions are for the sales and leases of residential properties and the provision of most financial services. Export of goods and international services are zero-rated. In some countries, GST is known as the Value Added Tax (VAT).

It is compulsory for businesses setup to come forward to register for GST when their turnover exceeds $1 million per year. Businesses that do not exceed $1 million in turnover may register for GST voluntarily.

After registration, businesses must charge GST at the prevailing rate. This GST that they charge and collect is known as output tax, which has to be paid to IRAS. GST incurred on business purchases and expenses (including import of goods) are known as input tax. Businesses can claim input tax if conditions for claiming are satisfied. This credit mechanism ensures that only the value added is taxed at each stage of a supply chain.

A GST-registered business is required to submit GST return to IRAS at the end of each prescribed accounting period (usually on a quarterly basis). The business will report its output tax and input tax for that prescribed accounting period in the GST return. The difference between output tax and input tax is the net GST payable to or refundable from IRAS.

If you are not a GST-registered business, you cannot claim the GST incurred on your purchases. However, you will not need to charge your customer for GST as well.

How Does GST Work ?

You should consider the following before you register as GST

  • Responsibilities Of A GST-Registered Business – Once Registered, You Are A GST Collecting Agent Of The Government. This Means That There Are Responsibilities That You Need To Fulfil. Complying With These Responsibilities May Increase Your Administrative Costs.
  • Profile Of Your Suppliers
  • Type Of Sales Which You Make
  • Your Pricing Decision After Gst Registration
For detail information on issues to consider before register GST, please refer to Factors to Consider Before Registering Voluntarily for GST Contact us today should you required any assistance from us. PACKAGE FEE FOR GST SERVICES
Package Fee for GST Services
 
Packages Available Fee (SGD)
GST Voluntary Registration (included follow up process) $350
GST Compulsory Registration (included follow up process) $500
Applying for exemption from GST registration ** $250
GST Form 5 Preparation For Submission Purposes (Each Quarter) From $150
E-Filing of GST * Free
What We Provide?

Accountsavvy PTE LTD offers both GST Registration Service and GST Book-keeping/Computation and Submission Service. We advise you on your optimal GST filing cycle, and will perform necessary quarterly GST filing as per statutory requirement.

We ensures that you will have peace of mind to know that you will not miss your deadlines* on filing your GST returns.

*Important

If the GST returns is not submitted by due date (i.e. 1 month after the end of the prescribed accounting period), a penalty of $200 for each month that you continue not to submit the return will be imposed, up to a sum of $10,000.

If payment is not made by due date, a PENALTY of 5% of the unpaid tax will be levied. If Payment is still not made after 60 days, an ADDITIONAL PENALTY of 2% of the tax unpaid will be added from the first day after the due date. It will be added for each completed month, subject to the maximum of 50% of the tax unpaid.

How Should You Proceed?
  • Our representative will visit you personally and one director/ manager to be present
  • Bring along Monthly Bank Statements, Sales Invoices, Payment Vouchers, Cash/Cheque Deposits, Purchase Invoices and Salary Details for the Submission Period
  • Provide Estimated Annual Sales Turnover of Company
  • GST Approval Letter for us to advice on filing cycles 

* E-filing on behalf of the company is provided only if you have engaged our Bookkeeping Service
** If you are required to register for GST and you make or intend to make wholly or mainly zero-rated supplies, you can apply to the Comptroller of GST for exemption from GST registration.

We offer the full spectrum of professional GST assistance in the following areas:

GST Registration
GST department has revised their GST application form recently in January 2013.
Dealing with the IRAS
  • Applying For GST Registration Or Deregistration
  • Managing And Responding To IRAS Queries
  • Making Voluntary Disclosures Of Errors To The IRAS To Mitigate Penalty Exposure
  • Managing Iras Audits And Investigations
Compliance Support
  • Reviewing And E-filing GST Returns
  • Conducting GST Compliance Review (GST Health Check)
  • Conducting Assisted Self-Help Kit (ASK) Review
  • Conducting In-House GST Training Customized To Specific Business Transactions
  • Advising On GST Implications Involving Business Start-UPS, New Business Arrangements And Cross-Border Transactions
  • Assisting With Dispute Resolutions
  • Reviewing And Advising On Internal Controls For GST Reporting
  • Reviewing And Advising On Accounting System Logic For GST Coding
Contact us today at contact@accountsavvy.sg for a no-obligation consultation.