Singapore GST Compliance
Goods and Services Tax in Singapore is a wide tax regime that is levied on goods that are imported and supplied and all the services that are offered in Singapore. GST returns are supposed to be submitted periodically (monthly in Singapore) by all organizations with their personal GST Registration number. The return shall be detailed, containing all taxable supplies and the inputs.
Payment of any GST liability shall be paid by the organizations by the deadline of the next return. If any organization comes across a case of the tax credit, wherein their submitted GST amount is exceeded by the amount of GST charged on their sales, the same amount shall be credited to the organization within three weeks of the deadline.
GST Registration Singapore
- GST registration is compulsory for organizations in Singapore when they are selling goods and services, taxable, and gaining an annual turnover from the same sale, which goes over S$1 million in one year.
- You could also voluntarily apply for a GST registration, even if your annual turnover is less than S$1 million if it is suitable.
- Once your organization is registered with the GST regulatory authorities, you remain registered for at least two years.
When to file GST returns in Singapore?
- Organizations exceeding $1 million turnovers in Singapore, every year are supposed to register with the Goods and Services Tax authorities and file your GST returns.
- Once you registered with the GST Authorities, your organization will enjoy the benefit of input tax by the IRAS for business expenditures and purchases.
- Reporting your GST is done on a periodic basis in Singapore. For some, it is done on a monthly basis, and for some it is done on a quarterly basis, depending on your business and turnover.
Singapore GST Compliance is essential and should be completed within 30 days of the previous accounting period conclusion. Even if you have no business activity during that accounting period, your organization is supposed to file a “NIL” GST return.
Benefits of filing and registering with GST in Singapore
A GST Registration provides you with some major benefits
- Owning a GST registered business organization can help you claim your GST amount you have already incurred on your organizational growth and business expenditures.
- Paying excessive GST taxable amounts can help you claim the difference incurred from the IRAS as a refund.
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