Company GST

Company GST

GST may appear confusing to those who are unfamiliar with it, however knowing how it operates can have a big impact on your business’s earnings and costs.

In Singapore, the price of products and services includes the GST, which is an integrated tax for consumers. Singapore’s GST is now fixed at a uniform rate of 8%, irrespective of the type of products or services offered.

Being a GST-registered firm implies, for corporations, that you add GST to the prices of your goods and services to collect GST on behalf of the Inland Revenue Authority of Singapore (“IRAS”). You can then claim GST credits on the goods and services you buy as business costs. Companies that are not GST-registered won’t be able to do that.

Benefits

The following business expenses are eligible for GST claims by companies:

— Goods that the business had on hand at the time of GST registration; and

— Services such as electricity and property rentals that cannot be immediately linked to any supply the business made prior to being GST-registered

Exemption

The following products and services are typically excluded from GST:

— Financial services.

— Sale and lease of unfurnished residential properties.

— Importation and local supply of investment precious metals

— International services; and

— Exported goods

(A)GST Registration

Businesses must register for GST with IRAS if their taxable supply exceeds or is anticipated to exceed S$1 million for any successive 12-month period. Entities that are GST-registered must file quarterly GST filings. The structure and type of registration for your firm will determine the GST registration process. There are several things to complete in order to finally be registered with GST, and we can help you do so. Our experience in serving many clients regarding their GST registration has made us a reliable source.

(B)GST Filing

GST is a consumption tax that is applied to almost all suppliers of goods and services in Singapore, including imports of products. A business may claim back any GST it has paid to the IRAS. Additionally, companies can voluntarily register for GST. The GST services we offer are listed below.

— Assist to complete and submit GST registration (GST F1 forms)

— Assess and assist in the application for exemption for GST registration (GST F2 forms)

— Advise proper documentation and best practice to comply with the GST Act

— Perform quality checks on GST Quarterly returns before submitting the returns to IRAS (GST F5 forms)

— Perform a yearly review of GST returns against bookkeeping records to uncover errors early and reduce paying hefty penalties

— Assist in filing for voluntary disclosure of mistakes and request for zero or reduced penalties (GST F7 forms)

— Assist in de-registration of GST (GST F8 forms)

— Read, interpret, and advise on GST correspondences from IRAS.