Goods & Services Tax (GST)

Goods & Services Tax (GST)

GST also known as Value Added Tax (VAT) in many other countries, is a consumption tax that is levied on the supply of goods and services in Singapore and the import of goods into Singapore. GST is an indirect tax (currently at 7%) applied to the selling price of goods and services provided by GST registered business entities in Singapore.

Every Singapore business must register for GST if their annual taxable turnover is more than S$1 million or currently making taxable supplies and the annual taxable turnover is expected to be more than S$1 million.

Can I register voluntarily for GST?

Yes, you can register for GST voluntarily, even if your turnover is below S$1 million.

Not only can your GST registration add credibility to your business, but it can also be advantageous if any of the following situations apply:

• If the nature of your trade means that your costs or purchases include GST.
• If most of your customers are GST registered and can claim back the GST that you have added to your sales.
• If your supplies are mainly zero rated for GST purposes.

However, if none of the above apply then it may be better to delay registration until you have to.

Our Advice regarding GST Registration Issues:

Never add GST to your sales invoices unless you are GST-registered.
Avoid delay if you do need to register, otherwise you will incur penalties and interest charges, as well as having to account and pay over the GST due from the time you should have been registered.

If you do find yourself in this situation please contact us immediately for assistance. The longer you delay the higher the penalties will be.

How we can help

If you are GST registered and need your GST returns completing, we can do these for you. Let us take this hassle away from you, we can:

• Provide GST Tax Advice
• Apply for GST registration
• Prepare and file your GST Tax Return