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Goods and service Tax (GST) known as Value Added Tax (VAT) in many countries, is a tax on domestic consumption of nearly all goods and services. It is charged and accounted for at a standard rate of 7%. The only exemptions are for the sales and leases of residential properties and most financial services. Export of goods and international services are zero-rated. GST is collected by the supplier who is registered with the Comptroller of GST and later paid to the comptroller. For importation of goods, GST is collected by Singapore Customs at the point of importation into Singapore.
A supplier of goods and/or services, whose annual turnover is exceeding or likely to exceed S $1 million, is required to register with the comptroller of GST. A supplier, whose turnover does not exceed S$1 million, can voluntarily register with the comptroller if it is commercially prudent. The approval of such registration is at the discretion of the comptroller and once voluntarily registered, the supplier must comply with the regulatory requirements and stay registered for at least 2 years.
The GST charged by a business on taxable supplies of goods and/ or services in Singapore is called Output Tax and is payable by it to the Comptroller of GST. The GST paid by the business for the goods and services that it purchases is called Input Tax and is claimable from the Comptroller of GST unless it is disallowed.
GST Advisory
Rikvin's consultants help you with
- assessing the impact of GST registration on your company and customers
- choosing the optimum filing cycle (monthly, quarterly, half-yearly)
- the compliance issues to keep in mind
- the incentives provided by the government for voluntary registration
GST Registration
We can assist with GST registration in appplying to the Inland Revenue Authority of Singapore (IRAS) and assisting with follow up queries.
GST Filing Services
Rikvin offers monthly, quarterly or half-yearly GST filing with IRAS based on your company GST schedules.