Company GST Registration Singapore
Simplifying GST Registration and Filing For Companies
Understanding Goods and Services Tax (GST) is vital for every Singapore business owner. Whether you are starting a new company or managing an existing one, knowing when and how to register for GST ensures your business remains compliant with Singapore’s tax laws. This guide covers everything about company GST registration in Singapore, the registration process, eligibility criteria, reporting obligations, and how AccountancyHub can assist you every step of the way.
You run your business. We’ll do your GST Registration & Reporting.
Goods and Service Tax (GST), similar to the Value Added Tax (VAT) in many countries, is a consumption tax on most domestic goods and services. Singapore’s GST is currently at 9%. GST is exempted for the sale and lease of residential properties and most financial services.
A supplier of goods and/or services, whose annual revenue exceeds or is likely to exceed S$1 million, is required to register with the Comptroller of GST. A supplier, whose revenue does not exceed S$1 million may voluntarily register with the Comptroller if it is beneficial to the business. The approval of such registrations is at the discretion of the Comptroller. Once voluntarily registered, the supplier must comply with the regulatory requirements and stay registered for a minimum of 2 years.
Eligibility Criteria for Company GST Registration
Before registering, your company must meet the following eligibility criteria:
- Taxable Turnover Threshold: Your company’s taxable turnover exceeds S$1 million in the past 12 months or is expected to exceed this in the next 12 months. Taxable turnover refers to the total value of GST-taxable supplies your company makes.
- Groups of Companies: If your company belongs to a group, the group’s combined turnover may determine GST registration eligibility. Group registration can simplify reporting but has additional rules.
- Overseas Companies: Foreign companies supplying goods or services in Singapore may also need to register for GST under certain circumstances.
It is important to review these criteria regularly as business turnover can fluctuate. For detailed eligibility and exceptions, always refer to the official IRAS guidelines.
GST Registration & Reporting
Leave these matters to us and free up your time for the strategic areas of your business. Here are the steps involved
I. GST Registration
We will register for GST on your behalf with Inland Revenue Authority of Singapore (IRAS) and follow up with all queries regarding the registration.
II. GST Filing
We will assess your company’s GST requirements and help on the submission of the Quarterly GST to the authority.
Next Steps...
Speak to us today, and we will assign a client success manager who will work with you on the following:
- Assist you in the preparation and filing of GST tax returns.
- Track GST deadline and submissions on your behalf.
Why Choose AccountancyHub for Your GST Registration and Reporting?
At AccountancyHub, we specialise in Singapore GST registration and compliance services tailored to your business needs. Our team of experienced accountants ensures your GST application is submitted correctly and promptly, minimising the risk of errors or delays.
We provide:
- Personalised advice on GST eligibility and obligations
- End-to-end handling of registration and reporting
- Accurate GST return preparation and filing
- Support for audits and compliance queries
With AccountancyHub, you can focus on growing your business while we take care of the GST intricacies, ensuring peace of mind and IRAS compliance.
Common Challenges and FAQs on GST Registration and Reporting
Can I register for GST before reaching the S$1 million turnover?
Yes, voluntary registration is allowed if your turnover is below the threshold, which can help you claim input tax credits.
What happens if I miss the GST filing deadline?
IRAS imposes penalties and may charge late payment interest. It is crucial to file on time. Stay on top of your obligations with trusted local accounting firms near you that ensure timely and accurate GST reporting.
How do I claim input tax on business expenses?
Keep proper invoices and submit claims in your GST return. Only GST paid on business-related expenses is claimable.
Can I deregister for GST if my turnover drops below the threshold?
Keep proper invoices and submit claims in your GST return. Only GST paid on business-related expenses is claimable.
If you require help navigating GST regulations or other tax services in Singapore, our experienced consultants at AccountancyHub are here to assist.
