The Singapore Goods and Services Tax (GST) is a value-added tax levied on consumption activities, currently at a rate of 9%, effective January 1, 2024, is officially implemented.
🌟 What is GST?
GST is a consumption tax collected by businesses on the sale of goods or the provision of services, which is then paid to the Inland Revenue Authority of Singapore (IRAS).
Standard rate: 9% for most goods and services sold locally
Zero-rated (0%): applicable to exported goods, international services
Exempt supplies: e.g., residential leasing, financial services, etc., which are not subject to GST and are not deductible for input tax purposes.
🌟 When must I register for GST?
1️⃣ Turnover over thresholds
The company has to register GST in the following cases:
Retrospective Registration: Taxable turnover exceeding S$1,000,000 for 12 consecutive months must apply for registration by January 30 of the following year and GST will be levied from March 1 onwards.
Anticipated enrollment: Turnover projected to exceed S$1,000,000 in the next 12 months is required to apply for registration within 30 days of the projection and GST will be levied from the 31st day onwards.
2️⃣ Voluntary Registration
Companies can voluntarily register for GST even if they do not meet the threshold, provided:
Maintain registration status for at least 2 years
Completion of designated training or submission of an application by a certified consultant
Fulfillment of obligations to file returns, pay taxes, and keep records on time
🌟 Main obligations after GST registration
✅ Correctly issued GST invoice (with 9% GST, registration number, date)
✅ Regular filing and payment of GST (usually quarterly)
✅ Maintain accounts, invoices and related records for at least 5 years
✅ Update prices and systems to reflect 9% tax rate (from 2024)
🌟 Overseas Sellers and Importers GST Liability
Overseas Sellers: GST registration in Singapore is required when the global turnover exceeds S$1,000,000 and the sale of low-value goods or remote services to Singaporean consumers exceeds S$100,000.
Importers: GST is payable on importation of low value goods (≤ S$400).
🌟 Specialized GST services we can provide
As a professional secretarial firm, we can offer companies:
🎯 GST Enrollment Eligibility Assessment and Strategic Planning
🎯 Full Process Application and Documentation Preparation
🎯 GST invoice templates and internal process design
🎯 InvoiceNow System Setup and Training
🎯 Regular filing, tax payment reminders and data organization
🎯 Input/output tax Variance analysis and compliance optimization
📌 Conclusion
GST registration and submission is not only a legal obligation, but also an important part of tax management and credibility protection for enterprises. Choosing a professional secretarial firm can help companies standardize their operations, reduce risks and focus on their core business.
