We are Accredited Tax Practitioners (GST) registered with Singapore Institute of Accredited Tax Professional (SIATP). Our GST services Singapore include:
GST Services Singapore
Why choose AG GST Services Singapore?
Guide to GST Return
Some basic knowledge that you should know during GST filing:
(1) Input tax of private expenses, S-plated car related expenses is not claimable.
(2) Supplies can be grouped into 7% taxable supplies, 0% taxable supplies, exempted supplies and out-of-scope.
(3) Goods & services supplied in Singapore but consumed out of Singapore, are treated as 0% taxable supplies.
(4) For certain industries, special GST schemes are available to ease their business operation and cashflow. For example, Major Export Scheme for major exporter, GST Margin Scheme/Discounted Sale Price Scheme for motor trade.
(5) Input tax incurred before GST registration is claimable if claiming conditions are met.
(6) For voluntary GST registration, GST-registered status must remain for 2 years.
Singapore GST Regime
Goods and Services Tax (GST) is a consumption tax levied on goods or services consumed in Singapore. In other countries, GST is known as the Value-Added Tax (VAT).
GST prevailing rate in Singapore is 7%.
GST registration can be grouped into compulsory registration and voluntary registration.
Compulsory. A business must register for GST when:
- Your taxable turnover for the past 12 months is more than $1 million; or
- You can reasonably expect your taxable turnover in the next 12 months to be more than S$1 million.
Voluntary. Even without S$ 1 million, a business can still register for GST subject to approval by IRAS.
GST Registered Business
GST Registered Business must charge GST on taxable supplies and can claim input tax if claiming conditions are met. Input tax of private expenses is not claimable.
GST Submission | Filing
GST-registered business must submit GST to IRAS one month after the end of each prescribed accounting period. This is usually done on a quarterly basis.