GST or Goods and Services Tax Registration Services in Singapore
GST or Goods and Services Tax is a type of tax regime which is levied on the import and supply of goods in the perimeters of Singapore, including the services rendered in the region. Every organization in Singapore, whose annual turnover (taxable) goes over S$1 million shall register for GST and submit returns periodically. The current rate of GST is set at the rate of 7 % in Singapore – all on the purchase and supply of goods that add value and the services that are offered in the region. GST is in a lot of ways similar to the concept of Value Added Tax in different countries. Company GST registration in Singapore is easy. All you have to do is partner with Bestar.
GST as a tax regime is a self-assessed one. Organizations and companies are regularly advised to assess their taxable amount and file the returns periodically under the GST regulations. Every organization is supposed to register to GST on its own!
Company GST Registration in Singapore regulations
There are two types of GST registration in Singapore – Compulsory and Voluntary.
Compulsory GST Registration in Singapore
- When a company’s turnover goes over S$1 million in the previous 12 months of business
- And, they are making sales which have the reasonability to exceed S$1 million in the coming 12 months.
Voluntary GST Registration in Singapore
A company could register for GST in Singapore on a voluntary basis even if they are not currently liable for paying any taxes under the same regime.
- If your organization is carrying out a business that is based on the supply of taxable items and goods.
- Your taxable supplies make you an annual turnover of less than S$1 million.
- Your organization is involved in supplying goods outside of Singapore territories
- You are exempted from certain financial services or international services.
Basic requirements before you register for GST in Singapore
- Your business should already be registered with ACRA
- Your business should have a separate business bank account
- Your business activities should be defined clearly in terms of revenues for the coming 12 months
- All your documents must be prepared and furnished before you make your first sale
If you still cannot catch a breath over the GST regulations and documentation required, Bestar – one of a kind of GST registration Service provider in Singapore is always going to be there.
As one of the leading names among different GST registration firms in Singapore can assist you right from the beginning – from registering to final return filing. We have managed to bring pleasure to all our clients. Allow us to assist you while you venture on to be successful for years to come.
Contact us today!