Goods and Services Tax (GST) Guide for Singapore
What is Goods and Services Tax (GST)?
The Goods and Service Tax or GST is comparable to the VAT or Value Added Tax found in many other countries. It is a consumption tax that applies to many of the domestic goods and services used in Singapore. The current rate of GST is 7%.
However, GST does not apply to sale/lease of majority financial services and residential real estate in Singapore. Even export of goods and services used elsewhere (outside Singapore) is exempt from GST. In order to collect GST, suppliers are required to register with the Comptroller, GST. The Singapore Customs collects GST against any goods that are imported at the point of import.
If you are a supplier of goods/services having annual income exceeding or expected to exceed SGD 1 million, it is mandatory to register with the Comptroller. If you are a supplier who does not fall into this income bracket, you can still apply for voluntary registration. In this case, the Comptroller determines whether to approve your registration or not. After voluntary registration, it becomes mandatory to remain so for at least two years.
RICHMOND GST SERVICES
Richmond’s GST service helps make the process of registration, compliance and filing more convenient. We have experienced accountant-consultants who help your Company with the following processes:
1. Registration for GST
Richmond applies for registration of GST on your Company’s behalf with the Inland Revenue Authority of Singapore or IRAS. We will follow up with all the queries with regard to the registration.
2. Filing of GST
We provide an assessment for determining the effect of GST registration on your business and customers. We will provide recommendations based on this assessment for the ideal GST filing period for your business. You can take advantage of our bi-annual/monthly/quarterly GST filing services.
Richmond also provides services and suggestions with regard to compliance issues and provision of any incentives from the Comptroller for voluntary registration.