LET'S TALK ABOUT YOUR COMPANY'S COMPLIANCE NEEDS. CALL US AT: 6272 0820

Margin Wheeler

MarginWheeler - Your Company, Our Priority.

T +65 6272 0820
Email: [email protected]

Margin Wheeler
21 Bukit Batok Crescent, #15-75, WCEGA Tower, Singapore 658065

Open in Google Maps
  • HOME
  • OUR TEAM
  • SERVICES
  • ACCOMPLISHMENTS
  • TESTIMONIALS
  • BLOG
  • CONTACT
  • CAREER
FREEQUOTE
  • Home
  • Uncategorized
  • The GST Registration Process in Singapore

BLOG & Gossip

The GST Registration Process in Singapore

by Sheann / Saturday, 18 December 2021 / Published in Uncategorized
GST

 GST registration in Singapore

No matter if you are a business owner or customer, you would probably know what Goods and Services Tax (GST) is in Singapore. But for business owners specifically, the process of getting registered for GST will require a little more paperwork. For those who are unsure of how to get your business registered for GST, here’s a quick rundown on how you can do so.

What is GST?

For starters, GST is a consumption tax that is levied on the supply and import of goods and services in Singapore. It can be known as Value Added Tax (VAT) in other countries. Here, the 7% tax is applied to the selling price of goods and services provided by GST registered businesses. 

GST is usually charged to the end customer and the business selling the good or service is responsible for collecting the GST and paying tax to IRAS.

Who needs to register for GST?

There are two types of registration – mandatory and voluntary. Local companies that exceed a certain threshold for their GST-applicable revenue are required by law to register for GST. Other companies that do not exceed this revenue are not required to do so but are still allowed to register voluntarily.

Mandatory registration applies to companies whose taxable turnover for the past 12 months exceeds $1 million or is expected to in the next 12 months. These companies are expected to register for GST within 30 days of such determination 

On the other hand, companies with an annual taxable turnover that is less than $1 million are not expected to register for GST, but they can still do so if they want to. Should a company want to participate in this voluntary registration, the company’s director needs to complete two e-Learning courses – Registering for GST and Overview of GST, unless any of the below are true:

  • The company director has had experience managing other existing GST-registered businesses
  • The person who prepares the company’s GST is an Accredited Tax Advisor (ATA) or Accredited Tax Practitioner (ATP).
  • The person who prepares the GST returns has completed the above e-Learning courses within the last two years.

IRAS may also impose other conditions for GST compliance, or even cancel the company’s registration if they fail to meet any of the conditions.

Exemption from GST     

Certain companies can be exempted from mandatory GST registration if 90% of their company’s total revenue is from supplies that are not subjected to GST or if the company would have received a refund from the IRAS as a GST registered business.

However, do also note that exempt companies cannot claim the GST incurred on business purchases. If a business expects to receive a credit for the GST paid, then it must register for GST.

How to register for GST?

If you are looking to register for GST, you should submit your application using the myTax Portal and mail the completed original copy of the GIRO application form to 55 Newton Road Singapore 307987 after submitting your application online. Kindly ensure that all the documents submitted are complete and accurate. If you need to complete the e-Learning assignments for voluntary GST Registration, be sure to get this done before making your application.

Once your application is successful, you will receive a letter from IRAS with your company’s GST Registration number and the effective date of registration.

Why should you be registered for GST?

There are several benefits to being registered for GST – it adds legitimacy to your business and also helps to keep the cost of business operations and prices down. The GST that is incurred on purchases can also be claimed, which helps the business to recover costs.

If you need help with GST registration, our expert team is ready and available to help out whenever you need it. Drop us a call at 62720820 or drop us a chat on WhatsApp to find out more.

0

About Sheann

Penultimate undergraduate at NUS with experience in writing lifestyle articles and copywriting.

What you can read next

co-working
8 Best Co-working Spaces in Singapore
Employment Pass, Work Permit and S Pass in Singapore
payment
Types of Payment to Use for Your Online Store

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • e-commerce

    Designing Your E-commerce Website

    Creating an e-commerce website In today’s day a...
  • accountant

    Growing your startup with an accountant

    Hiring an accountant  When you first open a sta...
  • shipping

    8 Tips to Make Profits While Offering Free Shipping

    Offering free shipping You would have probably ...
  • traffic

    5 Tips To Get Traffic to your Online Store

    Getting traffic to your online store Though set...
  • CTA

    Full Guide to Commercial Tenancy Agreements (CTA)

    What are Commercial Tenancy Agreements? Though ...

Categories

  • Accounting
  • Business
  • Entrepreneurship
  • Incorporation
  • Taxation
  • Uncategorized

INCORPORATION

  • Incorporation with Local
  • Incorporation with Foreigner
  • Incorporation (BVI)
  • Nominee Director Services
  • Registered Address

CORPORATE SECRETARY

  • Company Secretary Service
  • Meeting Room Support
  • Company Strike Off
  • Scrutineer

WORK PASS

  • Work Permit
  • Skill Pass
  • Employment Pass
  • Entrepreneur Pass

TAXATION

  • Company Tax
  • Personal Tax
  • Goods And Services Tax (GST)
  • Tax Planning

ACCOUNTING SERVICES

  • Bookkeeping
  • Cloud Accounting
  • Financial Statement
  • XBRL Filing
  • Onsite Accounting

AUDIT SERVICES

  • Statutory Audit
  • Sales/Rental Audit (GTO)
  • Charity Audit
  • Lucky Draw Audit

HR, ADMIN &
DATA PROTECTION

  • Payroll Services
  • CPF Account Opening
  • Administrative Services
  • Data Protection Services

TRADEMARK

  • Trademark Registration
  • Trademark Classes

GET IN TOUCH

T (+65) 6272 0820
Email: [email protected]

Margin Wheeler Pte Ltd
21 Bukit Batok Crescent, #15-75, WCEGA Tower
Singapore 658065

Margin Wheeler

© 2023 All rights reserved. Margin Wheeler Pte Ltd (Professional Firm Licence No. FA20153653) Privacy Policy

TOP
×