GST Singapore stands for Goods and Services Tax Singapore, it is an indirect tax imposed on the supply of goods and services in Singapore and the import of goods into Singapore. On April 1, 1994, Singapore GST had introduced and as of now, GST Filing rate is fixed at 7%.
The Singapore government introduced the concept of GST Registration with a plan to transfer the focus from direct taxes to indirect taxes. Singapore has been successful in keeping GST by having one of the most attractive and flexible tax systems in the world as well as income tax rates low and stable. Remember, GST is imposed on consumption and not on income. It is compulsory for traders whose turnover is more than $1 million, to start GST Quarterly Filing on a regular basis.
A company in Singapore must register for GST on a compulsory basis if
Taxable turnover for the past 4 quarters is more than $1M and not certain that turnover will not exceed $1M in the next 12 months; or
Reasonably expect taxable turnover to exceed $1M in the next 12 months.
How to Register for GST
To register for GST, a company would first need to determine the type of GST registration they are opting for and complete the e-Learning course if needed.
If a company wants to register for GST, they first need to decide the type of GST registration they are opting for.
Determining the type of GST registration here would mean a company needs to determine if they are applying for a compulsory or voluntary GST registration. The company may register for GST via the myTax Portal or by submitting a paper application. A number of supporting documents will be required for the submission, and you will need to check what the complete list is before completing the registration process.
Upon successful application of your GST, the company should then receive a letter informing that the business has been registered for GST. The letter would contain the following details:
The GST Registration Number of the company
The effective date of the GST registrationTags: Goods and Services Tax Singapore, GST Registration Singapore, GST Singapore, Onestopaccounting