GST
As a GST registered company, you are mandated to collect GST from your customers and pay the collected tax to the controller of Goods & Services Tax on a quarterly basis.
We offer a host of specialised GST advisory services which includes:
- Registration/deregistration of Goods and Services Tax (GST);
- Preparation, review and submission of quarterly GST Returns;
Who needs to register for GST?
A company is required to register for GST on a compulsory basis if:
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GST Compulsory registration
Retrospective View
On or After 1 Jan 2019
If your taxable turnover at the end of the calendar year is more than $1 million, you must register for GST by 30 Jan. You will be registered for GST on 1 Mar.
Prospective view
At any point in time, if you can reasonably expect your taxable turnover to be more than $1 million in the next 12 months, you must register for GST within 30 days from the date of your forecast and you will be registered on the 31st day from the forecast date.
You must have supporting documents to support your forecast value of $1 million. For example:
- Signed contracts or agreements
- Accepted quotations or confirmed purchase orders from customers
- Invoices to customers with a fixed monthly fee charged
- Income statements showing that the past 12-month period was already close to $1 million and that annual turnover is on an increasing trend
On the other hand, you are not required to register for GST if there is no certainty in your forecast. For example, you made a forecast based on market assessment, business plans or sales targets.
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GST Voluntary registration
If you have not started any of the above transactions, but intend to do so in future, you may also apply for voluntary GST registration. You must satisfy any of the following:
- Your business makes taxable supplies;
- Your business only makes out-of-scope supplies. Out-of-scope supplies mainly refer to sales of goods that did not enter Singapore and goods in transit;
- Your business makes exempt supplies of financial services that are also international services; or
- Your business procures services from overseas service providers and you would not be entitled to full input tax credit even if you were GST-registered.
You must remain GST- registered for at least 2 years.
