Outsource Goods and Services Tax (GST) Services
Singapore offers innumerable opportunities for entrepreneurs and investors. Every company registered in Singapore is required to follow regulations prescribed by the government. If your business involves the supply of goods and services, it is imperative to pay Goods and Services Tax (GST) on the goods and services sold. You may either personally register your business for GST or hire a competent professional service provider to register on your behalf.
Information on GST
Similar to Value added Tax (VAT) which is levied in many countries, GST is a tax that is levied on many local products and services in Singapore. GST is applied on the latest rate issued by the government which is 7%, a rate that is lower than global standards. Although most products and services can be taxed, there are some exceptions. Surprisingly, GST is not levied on real estate services and either sale or lease of financial services in Singapore. The process of exporting goods and services also fall out of the purview of GST and has been exempted from it.
If you want to collect GST, it is mandatory for suppliers to get registered with the Comptroller, GST, if the annual income of the supplier is more than SGD 1 million and the GST gets collected against the goods that have been imported. However, if your annual income is less than the mentioned amount, you may opt to voluntarily register with the Comptroller of GST. If the supplier’s voluntary registration gets approved by the Comptroller of GST, then it is compulsory for you to be registered for minimum two years. It is the responsibility of the Singapore customs to collect the GST from the suppliers effectively and accurately.
Richmond is one of the leading corporate advisory firms providing prompt and reliable services that help SMEs register and operate a business in Singapore. We aim to help the suppliers with their registration for GST efficiently and conveniently. With a diligent pool of experts, we can smoothen the GST registration process and help alleviate, if not eliminate, the burden of going through these processes on your own.
To register for GST- We can process the registration with Inland Revenue Authority of Singapore (IRAS) on the behalf of the company. Moreover, we can assure you of fast follow-up and quick redress of queries for the registration.
Filing the form for GST- We help companies assess the benefits of registration on the business and the esteemed customers. Therefore, it is easy to recommend the basis of the feedback and judge the idea time for filing for the business. We offer monthly/ bi-annual/ quarterly filing services for GST.
Need Company Registration Services in Singapore? Please Click: Singapore Company Registration Services.