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Your Guide to Goods & Services Tax (GST)

GST is a tax imposed on goods and services sold and consumed in Singapore. Our GST currently stands at 9% (as of Feb 2024).

It’s a consumption tax that businesses collect on behalf of the government.

What Are The Different Types of GST?

Input GST

Tax that your business pays when purchasing goods and services from GST-registered suppliers. Input GST can be claimed back from the government.

Output GST

Tax that your GST-registered business must collect from customers and pay to the government.

do you know,

If your company have to be GST registered?

If you aren’t sure, we are here to share more with you!

Whether you need to register for GST depends on various factors. There are 2 different types of GST registration:

Compulsory GST Registration

You are requiredto register for GST if:

1. Your company’s projected revenue for the next 12 months exceeds SGD$1 million.

OR

2. Your company is NOT GST registered, but revenue in the past 12 months has exceeded SGD$1 Million.

  • Must register within 1 month of exceeding/projection

Voluntary GST Registration

You may voluntarily register for GST at any time, even with lower revenue.

Benefits include:

  • Claim Input GST on business purchases
  • Enhanced business credibility
  • Better cash flow management

When do you file/claim GST?

As mentioned above, there are 2  types of GST – Input GST and Output GST.

Input GST

Submitting GST claims from the government is done on an adhoc basis.

Output GST

Filing for GST to be paid for the government is done on a quarterly basis.

Important Rules To Note About GST

  1. GST is only chargeable for Goods and Servicesconsumed within Singapore.
  2. If your company is not GST-registered, GST cannot be imposed on your Goods and Services.
  3. Record Keeping: Maintain proper tax invoices and records for a minimum of 5 years.
  4. Tax Invoices:Must include specific details (company info, GST registration number, GST amount, etc.)
  5. Late Registration Penalty:5% of GST that should have been charged, minimum $200.

Don't Let GST Penalties Catch You Off Guard

Missing deadlines costs you 5% penalties + interest. Our compliance experts ensure you’re always on time, every time.

Book a free 15-min consultation → WhatsApp +65 9869 5512

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