Services
Goods and Service Tax
Overview
What is Goods and service Tax?
Goods and service tax (GST) Singapore is an indirect tax levied on the import and supply of most of the goods and services sold for consumption in Singapore. Singapore has the lowest GST rate in the world at 7%. This 7% tax is levied on the selling price of goods and services. The GST is paid by the end consumer, which is then remitted to the government by the businesses. Hence, GST never becomes an additional cost to pay for the companies. The businesses only act as the tax collector for the government and provide revenue for the government.
GST Filing Singapore
Company
All the GST registered companies have to file GST returns with the Inland Revenue Authority of Singapore (IRAS). Businesses with more than S$1 million annual taxable turnovers are required to register for GST filing Singapore. Companies that register for GST have to collect goods on services tax on every sold or supplied goods and services by charging 7% additional in the cost of the actual price of the goods. Then, the businesses pass on the collected GST amount to government authorities. GST registered companies are mandated by the IRAS and ACRA to file GST returns on a monthly or quarterly basis.
Incorporation
What you get
GST Filing Singapore Company
Incorporation
Benefits
The benefits included
GST Registration Types in Singapore
Goods on services tax is levied on consumption of goods, and once the Singapore companies exceed a certain amount of taxable turnover threshold, they are required by the law to register for GST filing. It is a self-registering process, so the companies have to keep a check on their revenue to assess when they are applicable for GST registration.
Compulsory Registration For GST
Companies have to monitor and assess their turnover on a quarterly basis to determine whether they need to register for GST or not. Companies that fulfil any of the criteria mentioned above have to register within 30 days after determining the turnover.
Voluntary Registration For GST
Companies with taxable turnover of less than S$ 1 million in the past 12 months are not required to register for the GST; but, they can voluntarily register for GST if they want to. However, the authorities hold the right of approval for voluntary registration. Voluntary registration for GST Singapore has its benefits due to which companies prefer to do so.
Get GST Filing Services in Singapore
At Shorts Business Services, we provide businesses and companies assistance and guidance on GST, its calculations, GST registration process and help them complete formalities by IRAS for GST filing Singapore. Contact us to make GST filing a convenient and easy process!
Registration Process For GST
The GST registration process is easy and requires the companies to fill in various types of forms. Firstly, the company has to submit an application to the IRAS and different forms as per its business type and structure. It takes around three weeks to complete the whole procedure.
GST Registration Types in Singapore
Goods on services tax is levied on consumption of goods, and once the Singapore companies exceed a certain amount of taxable turnover threshold, they are required by the law to register for GST filing. It is a self-registering process, so the companies have to keep a check on their revenue to assess when they are applicable for GST registration.
Compulsory Registration For GST
Companies have to monitor and assess their turnover on a quarterly basis to determine whether they need to register for GST or not. Companies that fulfil any of the criteria mentioned above have to register within 30 days after determining the turnover.
Voluntary Registration For GST
Companies with taxable turnover of less than S$ 1 million in the past 12 months are not required to register for the GST; but, they can voluntarily register for GST if they want to. However, the authorities hold the right of approval for voluntary registration. Voluntary registration for GST Singapore has its benefits due to which companies prefer to do so.
Get GST Filing Services in Singapore
At Shorts Business Services, we provide businesses and companies assistance and guidance on GST, its calculations, GST registration process and help them complete formalities by IRAS for GST filing Singapore. Contact us to make GST filing a convenient and easy process!
Registration Process For GST
The GST registration process is easy and requires the companies to fill in various types of forms. Firstly, the company has to submit an application to the IRAS and different forms as per its business type and structure. It takes around three weeks to complete the whole procedure.
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Partner with us
Ready to Start Your Business in Singapore?
-
Expert Guidance
-
Fast Turnaround
-
Hassle-Free Process
-
Legal Compliance