GST Registration and GST Filing Services
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. 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. Registered companies must maintain their GST status for at least 2 years.
As a GST registered business, you are required to levy GST on all supplies and submit the collected output tax to IRAS at the current rate. Input tax incurred from purchases can also be claimed, provided all requirements are met.
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. 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.
In Singapore, companies are mandated to 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. This will be reviewed by the IRAS Comptroller and will be subject for approval. Once approved, your company must be registered for a period of 24 months.
Businesses who 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.
All the GST incurred for your business purchases is known as the input tax and can be claimed provided that your business satisfies all requirements.
Here at Aura Partners Singapore, we provide extensive consultancy and services for GST Registration and Filing across various businesses. Filing of GST can be made either monthly, quarterly, or annually depending on the needs. These services are offered for both local and foreign businesses at very reasonable rates.
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Frequently Asked Questions About GST Registration Services
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.
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.
A GST-registered company must file a GST return with IRAS monthly or quarterly.
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.