- Goods and services tax (GST)
Goods & Services Tax (GST) in Singapore
Goods and services tax (GST)
- Goods and services tax (GST)
Goods & Services Tax (GST) in Singapore
Goods and services tax (GST)
Examples of Businesses that can benefit from being GST-registered
Is Voluntary GST Registration suitable for your business?
✅ Businesses who buy inside from Singapore companies, but mostly sell overseas, a voluntary GST registration might reduce the running costs of your company
✅ Businesses who have many suppliers & vendors who are GST-registered. You can claim the GST that you paid to your suppliers.
✅ Being GST- registered can improve your Business’ image as an established business
✅ Furthermore, the end-user is the real taxpayer, so business do not bear the tax cost
Should I register?
Examples of Businesses that can benefit from being GST-registered
Is Voluntary GST Registration suitable for your business?
✅ Businesses who buy inside from Singapore companies, but mostly sell overseas, a voluntary GST registration might reduce the running costs of your company
✅ Businesses who have many suppliers & vendors who are GST-registered. You can claim the GST that you paid to your suppliers.
✅ Being GST- registered can improve your Business’ image as an established business
✅ Furthermore, the end-user is the real taxpayer, so business do not bear the tax cost
Should I register?
Do I need to register for GST?
When is it mandatory to register for GST?
- Companies that have reached S$1M in annual revenue.
- Companies that can forecast reaching S$1M in annual revenue soon.
- Companies that buy in Singapore a lot and sell mostly overseas, as they might benefit from claiming back more GST they paid.
Do I need to register for GST?
When is it mandatory to register for GST?
- Companies that have reached S$1M in annual revenue.
- Companies that can forecast reaching S$1M in annual revenue soon.
- Companies that buy in Singapore a lot and sell mostly overseas, as they might benefit from claiming back more GST they paid.
GST Services
Here’s how we can help
- Provide an initial assessment of GST impact
- Apply for GST registration or GST exemption with IRAS
- Pre-registration input tax claims
- Bookkeeping and Accounting with GST Management
- Computation of GST
- Submission of GST F5 returns every quarter
- Advice on GST treatment
- Quarterly Review of GST before GST Submission
- GST Due diligence
- Conduct customized GST Training for your team
GST Services
Here’s how we can help
- Provide an initial assessment of GST impact
- Apply for GST registration or GST exemption with IRAS
- Pre-registration input tax claims
- Bookkeeping and Accounting with GST Management
- Computation of GST
- Submission of GST F5 returns every quarter
- Advice on GST treatment
- Quarterly Review of GST before GST Submission
- GST Due diligence
- Conduct customized GST Training for your team
Over 350 happy clients
Over 350 happy clients
Singapore GST Tax Guide
Frequently Asked Questions (FAQs)
The registration itself takes 10 working days from submitting the GST application form to getting the GST number. But preparing all the paperwork necessary to apply may take time. The list of required documents is extensive, and you even have to attach proof that you’ve completed an IRAS educational course on GST.
For companies that have hit the S$1M annual revenue mark, you have 30 days to register for GST. We advise you to plan ahead and file for voluntary registration as soon as possible.
You add 7% to the sum of your goods or services to charge or bill your customer, and then pay this amount to IRAS every quarter.
Let us help you handle the GST computation and submission, so you can focus on growing and scaling your business.
From now to 31 December 2022, GST is 7%. Per the latest Government Budget announced in Feb 2022, GST will increase from 7 to 8% on 1 Jan 2023, and then second increase from 8% to 9% from 1 Jan 2024.
- Under the Gross Margin Scheme, GST is charged on the gross margin of goods.
- Under the Zero GST Warehouse Scheme, a GST-registered business can transform its warehouse into a zero-GST warehouse to bypass the GST process.
- Under the Hand-Carried Exports Scheme, you are eligible to zero-rate the goods supplied to an overseas customer if the goods are carried from Singapore via Changi International Airport.
- Under the Import GST Deferment Scheme, a business can pay GST on imports when its monthly GST returns are due. That means it does not need to pay GST at the point of import.
Singapore GST Tax Guide
Frequently Asked Questions (FAQs)
The registration itself takes 10 working days from submitting the GST application form to getting the GST number. But preparing all the paperwork necessary to apply may take time. The list of required documents is extensive, and you even have to attach proof that you’ve completed an IRAS educational course on GST.
For companies that have hit the S$1M annual revenue mark, you have 30 days to register for GST. We advise you to plan ahead and file for voluntary registration as soon as possible.
You add 7% to the sum of your goods or services to charge or bill your customer, and then pay this amount to IRAS every quarter.
Let us help you handle the GST computation and submission, so you can focus on growing and scaling your business.
From now to 31 December 2022, GST is 7%. Per the latest Government Budget announced in Feb 2022, GST will increase from 7 to 8% on 1 Jan 2023, and then second increase from 8% to 9% from 1 Jan 2024.
- Under the Gross Margin Scheme, GST is charged on the gross margin of goods.
- Under the Zero GST Warehouse Scheme, a GST-registered business can transform its warehouse into a zero-GST warehouse to bypass the GST process.
- Under the Hand-Carried Exports Scheme, you are eligible to zero-rate the goods supplied to an overseas customer if the goods are carried from Singapore via Changi International Airport.
- Under the Import GST Deferment Scheme, a business can pay GST on imports when its monthly GST returns are due. That means it does not need to pay GST at the point of import.
