GST Registration and GST Filing Services

Q: What is the difference between input and output tax?

The GST that a business collects from customers is called output tax . Conversely, GST paid on a business’s purchases or paid to its suppliers is called its input tax . A GST-registered business can claim credit for its GST input tax. Furthermore, input tax can offset output tax. Therefore, GST-registered companies only pay GST on the amount of “value added” to their products or services, which is calculated as the difference between their output and input tax.

GST in Singapore, similar to VAT or Value Added Tax, is applied to both local and imported goods and has a current rate of 8%. Exemptions include sales/leases of residential properties and most financial services.

GST Registration

Companies with an annual revenue exceeding S$1 million are required to register for GST with the IRAS Comptroller. However, even businesses with lower revenue can opt for voluntary GST registration with IRAS approval. Also, registered companies must maintain their GST status for at least 2 years.

Input Tax and Output Tax

As a GST-registered business, you must levy GST on all supplies and submit the collected output tax to IRAS at the current rate. Additionally, you may claim input tax incurred from purchases as long as all requirements are complete.

At Aura Partners Singapore, we provide expert consultation and filing options for GST registration and filing for businesses of all sizes, including local and foreign companies. Moreover, our services are cost-effective and cater to individual business needs.

To understand more about GST registration, you may click here to read our blog article, GST Registration in Singapore.

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In Singapore, companies must register for GST provided that their current and expected annual revenue exceeds S$1 million. If your business does not exceed the required annual revenue, we may still voluntarily register on your behalf for GST. With this, your registration go through the approval of IRAS Comptroller. After approval, your company must be registered for a period of 24 months.

Businesses that were able to successfully register must charge GST on their supplies using the current rate. This is known as output tax and must be collected and paid to IRAS.

Input tax encompasses all the GST incurred for your business purchases. You may claim it as long as your business satisfies all requirements.

Here at Aura Partners Singapore, we provide extensive consultancy and services for GST Registration and Filing across various businesses. You may file your GST either monthly, quarterly, or annually depending on the needs. We offer these services for both local and foreign businesses at very reasonable rates.

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Aura Partners Singapore medical doctor client

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Aura Partners Singapore famous delicious wanton, Wanton Fu.

Reviews

I recently worked with Aura Partners Singapore and was extremely impressed with their exceptional service and knowledge. The team at Aura Partners is professional, responsive, and truly experts in their field. I highly recommend them for their services.

Alfred Tran

We incorporated our SG company with them in 2018 and have been engaging them for our corp sec and visa needs. Fast response in our queries and all work are always within the timeline they mentioned beforehand.

Team management very well in place. When there was a change of PIC, there was barely any transition period as the new person could immediately pick up and continued on our queries and needs.

In short, we are happy with Aura and would not hesitate to recommend them!

Steve Wee
High Flyer Asia

It is not very often I hold my hands up when I haven't made a good decision, but a few years back, I made a wrong decision in business decision.

My friend suggested that I look for Vanny & her team.

Vanny's knowledge and advice were invaluable, and from that 15-minute call, I knew they had to be our accountants as they genuinely care about the business; after all, we are all here to make money!

Vanny & her team exceeded all our expectations in carrying out their accounting duties.

Steve Wee
High Flyer Asia

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Frequently Asked Questions About GST Registration Services

What is GST?

It is an indirect tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.

What types of businesses is exempt from GST?

Financial services, the sale and lease of residential properties, and the import and local supply of investment-oriented precious metals. The export of goods and certain services provided to overseas clients are not charged GST.

When do I file a GST return?

A GST-registered company must file a GST return with IRAS monthly or quarterly.

What is the difference between input and output tax?

The GST that a business collects from customers is called output tax. Conversely, GST paid on a business’s purchases or paid to its suppliers is called its input tax.

A GST-registered business can claim credit for its GST input tax. Furthermore, input tax can offset output tax. Therefore, GST-registered companies only pay GST on the amount of “value added” to their products or services, which is calculated as the difference between their output and input tax.