General GST Information

We provide the salient GST tax compliance matters below to serve as a general guide on whether you are required to register for GST in Singapore. 

 

What is GST?

GST is a broad-based consumption tax levied on goods and services in Singapore. It was introduced in Singapore on 1 April 1994. The current standard-rate of GST is 8% (9% w.e.f. 1 Jan 2024).

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Do I Need to Register for GST?

Compulsory GST registration

Businesses with more than S$1million in annual taxable supplies are required to register for GST in Singapore. Taxable supplies refer to goods and services which are subject to GST at either the standard-rate or zero-rate.

 

Exemption from GST registration

If the taxable supplies exceed S$1million, but comprise largely zero-rated supplies, the business could apply for exemption from GST registration.  

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Voluntary GST registration

Businesses with taxable supplies of less than S$1million may choose to register for GST under a voluntary basis. The main benefit is that the GST incurred on taxable purchases, including operational expenses (e.g., rental and utilities) will be claimable as an input tax.

 

However, GST registration entails compliance costs, such as:

• Understanding the GST charging rules for supplies and allowable claims on purchases and expenses

• Time and effort in filing GST returns (usually quarterly)

• Attending to queries on the GST returns submitted in the event of an IRAS GST audit

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Need assistance? Contact us now for a no obligation free quote.

 

GST Return Filing Periods

• Once registered for GST, the business will be required to file GST tax returns on a monthly, quarterly or half-yearly basis.

• By default, the filing frequency is on a quarterly basis.  

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Due Date for GST Return Filing, Payment and Refund

• Effective from 1 Jan 2007, all newly registered businesses are required to file their returns electronically.

• The GST tax return (GST F5) and payment where applicable, is due one month after the end of the prescribed return period.

• Where a refund is due, the IRAS is required to refund the amount within one month for monthly returns, or three months for quarterly returns, from the date of receipt of the GST tax return. 

          

GST Special Schemes

GST incurred can take up to 7 months to be refunded. Hence, the IRAS has various special GST schemes available to relieve the cash flow impact. For example, GST Group Registration, Divisional Registration, and the Major Exporter Scheme. Please consult us before application, so that we can assist you in determining what GST tax schemes are relevant to your business.

 

Register for GST / Exemption / Cancellation of GST

We will be able to assist and guide you with your registration for GST. This includes completing the GST F1 Form, submitting it to the IRAS and following-up with the IRAS after submission to ensure that you obtain your GST registration number. 

 

Generally, it takes up to 30 days from the date of submission to obtain your GST registration number. In the event that you need to expedite the process, we could also assist in speeding up your GST registration application on an urgent basis. 

 

We will also be able to assist with Applications for Exemption from GST Registration and Cancellation of GST registration status (also known as de-registration from GST). 

 

GST Compliance - filing of GST F5 returns + Pre-registration input tax claims

Upon GST registration, we will be able to assist you with the filing of your GST F5 returns (e.g. on a monthly or quarterly basis). 

 

For the first GST F5 return, we could assist in optimising your GST refunds in relation to pre-registration input tax claims (i.e., expenses which are incurred prior to your GST registration),  where applicable. There are different GST rules for claiming input tax in relation to goods and services.