GST Registration Singapore

Let us help to solve your issues!

What Should You Know About GST Registration Requirements in Singapore?

GST registration effectively and appropriately for your business not only ensures compliance with the law, but also contributes to your success. Here is an overview of everything you need to know regarding GST registration.

Understanding Singapore's Goods & Services Tax (GST)

Singapore GST was established by the government in 1986 as a measure to spur development and increase the country’s competitiveness. Here are some GST takeaways.

GST is a domestic consumption tax that is presently charged at a rate of 7%.
The end-user gets charged GST. The company that sells the products and services is responsible for collecting the tax from its consumers and paying back it to the IRAS.
Imported items are charged GST.
GST is not imposed for exporting products and certain types of services.
On quarterly basis, a registered firm must submit a GST return with IRAS.
Output tax is GST received by a company from consumers, while input tax is GST paid on purchases or to suppliers by the firm. A corporation may claim input tax credits. As a result, input tax may be used to balance output tax, and the net GST paid is normally the difference between output and input tax.

GST Registration Requirements for Singapore Company

1. Companies who have had taxable turnover more than S$1 million in the previous 12 months or anticipate doing so in the future 12 months are obliged by law to register and collect GST.
2. Companies must track their taxable turnover quarterly to decide whether they have to apply for GST.
3. Companies having a taxable turnover of more than $1 million in the previous 12 months must register within 30 days of the last quarter in which this event happened. Those who anticipate exceeding the same amount in the following 30 days must enroll within 30 days of such decision.
4. Companies with less than S$1 million in yearly taxable turnover may register voluntarily, even though they are not required to do so.
5. If at least 90% of the company's total revenue comes from non-GST supply, or if the net balance of input tax and output tax is negative, they are exempt from Singapore GST registration.

Businesses may optional to register for GST voluntarily even if they do not fulfill these standards. However, if you take that route, you will be required to submit the tax returns.

How Do I Register A GST Company in Singapore?

Singapore GST registration is a complicated and time-consuming procedure for SMEs, especially new company owners. Get highly specialized, dependable, and expert support to save time and money in today’s current and competitive business market.

YCS provides a wide range of tax services to businesses and individuals.

We are entirely committed to addressing your GST and other tax-related concerns with our highly competent and well-versed tax service team. Allow YCS to assist you with GST registration and return submission in a timely and correct manner.

Make an appointment or fill out the contact form to learn more about this and other great services for your company.

Get your Solutions take just two minutes.

Simply provide us your contact information. We will respond to any of your inquiries in a way that is convenient for you.