GST Filing Services

We provide a range of Filing services in Singapore for our clients. For a pricing quote for the services, please contact us for a more detailed discussion. The range of services we provide are:

  • IRAS Filing

  • Voluntary Registration

  • Mandatory Registration

  • Applying for Exemption

  • Quarterly Submission

  • Assisting in IRAS audits & investigations

  • Cancellation of Registration                    

What Is GST And Why Do I Need Filing?

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GST is also known as Goods and Services Tax in Singapore. Businesses are liable for tariff registration when the annual revenue is more than S$1 million for the past year or can reasonably expect for the next year. Revenue refers to the value of goods and services sold by the company or individual.

A GST-registered business has a lot of responsibilities which include claiming and charging for tariffs, accounting, filing returns on time, keeping proper records, and disclosing prices inclusive of tariffs. Our professionals are well versed to handle registration, ensuring the accuracy and completeness of returns, and filing on time to avoid a GST late filing penalty.

GST Registration in Singapore

According to IRAS, registration is either a voluntary action or a mandatory requirement.

Businesses can register for tariffs voluntarily if their annual revenue is less than S$1 million. When a company's annual revenue surpasses S$1 million, it is required to register for tariff.

Once registered, you are considered a Singapore government tariff collection agency and must collect fees at their current rate. As of 2021, the prevailing rate is at 7% and is expected to rise soon.

Tariffs you collect are output tariffs, a form of taxation that you collect on behalf of IRAS. As a result, it must be paid to IRAS quarterly. Input tariff refers to the tariff paid on business purchases and other expenses relevant to the business. On the other hand, companies are eligible to claim input tariffs if certain conditions are met.

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When to register your company for GST

Some turnover limits may make registering for tax compulsory. In other words, you must monitor your taxing data and reports and file for registration on time. Typically, there are two types of applications:

Mandatory registration

Typically, you must register for tariff if your taxable turnover exceeds S$1 million in the past 12 months. Logically, the opposite of the retrospective basis is the prospective one. It allows you to apply if you expect your business to exceed the limit in the next year.

In this regard, you should consider any business agreements and contracts that may bring in money to your business. Also, remember that when your revenue exceeds the limit, you need to submit an application within 30 days. Otherwise, the IRAS may strike you with penalties.

Voluntary registration

Of course, you can always choose to register for tariff after careful consideration voluntarily. In most cases, the majority of services and goods opt for taxing. Still, you must make sure you fit specific requirements. What’s more, a registration will mean you will have to file for tax for at least two years.

In other words, you will have to follow all standard regulations. Besides, you will have to maintain all records for at least five years, even if you close your company. To register, you will need to submit an F1 form and all the supporting documentation to the IRAS. If you’re operating a partnership business, you will have to submit an F3 form.

 
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Files/Information Required for GST Registration

  • Form 5 GST Return to IRAS

  • OR e-filing via the IRAS website

  • Total Output Tax

  • Total Input Tax

Should the criteria be satisfied, for the first filing, businesses may also be eligible for a pre-registration Input Tariff.

After registering your company, you must submit your returns via the e-filing method quarterly. Even if your company has made no transactions, you must still file a "NIL" tariff return within one month from the quarterly cycle.

Failure to do GST e-filing for your returns is a severe offence. Hence, it will be helpful to have a professional advise you on these matters, to avoid legal punishments.

At Morrison Management, we advise our clients on the registration process to help them make the best-informed decision. We carefully weigh the merits and responsibilities of performing a voluntary registration and help you to figure out your Output and Input Taxes to make sure there are no gaps in accounting.

We also help you e-file your quarterly tariff filing and make the necessary GIRO payment to IRAS. To learn more about how we can help your company, simply book an appointment with us for a discussion.

GST Filing Guide

If you’ve already registered your business, you’ll need to submit an F5 form to the IRAS quarterly. While the task may sound a bit daunting, the department allows business owners to do IRAS GST filing electronically. Still, you must make sure you indicate a set of different parameters:

  • the total value of your international and local sales;

  • the value of your exports and purchases from other GST-registered companies;

  • total tariff collected;

  • total tariff claimed for the accounting period.

Also, make sure that you file the submission to the IRAS within 30 days after each business quarter. The rule applies even if you don’t have any taxes due. Failure to do GST return filing may result in penalties regardless of the type of net tariff declared. After doing a filing refund, you will receive the payment 30 days from the return receipt date.

Frequently Asked Questions (FAQs) About GST Filing

 

  • When you operate a GST-registered pte ltd company, you must include the levy in the prices of your goods and services. While the tax isn’t an expense for the company, you should pay the collected tax back to the IRAS. Ultimately, this form of taxation goes down to the consumers indirectly, while the businesses serve as the middlemen. This structure is no difference between a sole proprietorship and Pte Ltd.

  • Undoubtedly, the most significant advantage is the lower prices for your goods and services. Since they’re directly correlated to the lower operating costs, the taxpayer is the consumer and not your business. What’s more, GST-registered companies seem a lot more legit to customers.

    Another perk is that it taxes the self-employed workers only when they consume. There’s also a zero-taxation rate on savings and investment, encouraging people to save and invest more freely. Also, you can claim the incurred tariff on your purchases. That way, you’ll recover some of the expenses and thus lower the incurred costs.

  • As with any taxation system in the world, the Goods and Services Tax also has its downsides. Perhaps, the most evident is the administrative liability that will make you file tax reports every year. Let’s not forget that adding tax to your price tags will increase the selling prices of your products and services. In turn, some customers may not be pleased, especially if they’re not GST-registered themselves.