🖐 Singapore Tax Guide: Acquiring a GST Registration Number | Paul Wan & Co

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Updated guide to Singapore's Goods and Services Tax (GST). The company's GST Registration Number; The company's effective date of GST.


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IRAS | Applying for GST Registration
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Goods and Services Tax (GST) in Singapore | Taxation Guide
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A Singapore Government Agency Website · Inland Revenue Authority of Singapore Checking if a Business is GST-Registered. Jump To.


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You may find details on the GST registration process and matters Inland Revenue Authority of Singapore Step Three: Submit Your Application for GST Registration You will also be notified of the approval via SMS or email if you have provided a local mobile number or email address in the application.


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You may find details on the GST registration process and matters Inland Revenue Authority of Singapore Step Three: Submit Your Application for GST Registration You will also be notified of the approval via SMS or email if you have provided a local mobile number or email address in the application.


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Company's name and registration number;; Business Activities of the company;; Financial Year End;; Issued and Paid-Up capital;; Size of the company;; How the​.


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A Singapore Government Agency Website · Inland Revenue Authority of Singapore Checking if a Business is GST-Registered. Jump To.


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Up-to-date guide on Singapore Goods and Services Tax (GST Tax), also as it relates to Singapore companies – definition of GST, registration requirements, No. Export goods and services are called zero rated supplies and GST tax is not​.


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Updated guide to Singapore's Goods and Services Tax (GST). The company's GST Registration Number; The company's effective date of GST.


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Updated guide to Singapore's Goods and Services Tax (GST). The company's GST Registration Number; The company's effective date of GST.


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Up-to-date guide on Singapore Goods and Services Tax (GST Tax), also as it relates to Singapore companies – definition of GST, registration requirements, No. Export goods and services are called zero rated supplies and GST tax is not​.


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This is beneficial for second-hand dealers who purchased goods free of GST Hand-Carried Exports Scheme Companies can zero-rate their supplies to overseas customers for goods hand-carried out of Singapore via Changi International Airport only. As part of its regular enforcement, IRAS conducts audit programmes, which utilises data analytics tools to corroborate data and detect anomalies. Why understanding GST registration is important Notwithstanding the fact that Singapore has a very pro-business climate, it takes abuse of the GST system very seriously, as this means that companies are either unfairly overcharging their customers or evading their tax responsibilities. Companies are allowed to enjoy GST suspension when importing non-dutiable goods at the point of import and zero GST warehouses. Why register for GST? What is GST? GST is accounted for on the gross margin, instead of the full value of the goods supplied. For example: If companies will incur expenses that are greater than its revenue in the early phase of its business, being GST-registered will mean that the company can claim GST refunds. However, for some companies, savvy business owners will realise that it may be more beneficial to be GST-registered from day one. In situations where it is discovered that the company or its employees may have made mistakes in their GST returns, it would be prudent inform IRAS as soon as possible. Hence, companies should be aware of the importance of maintaining proper records and should educate its employees, to avoid damage to their business reputation or excessive disruptions to their business operations. This is beneficial for second-hand dealers who purchased goods free of GST. Companies can claim GST incurred on the following business expenses: Goods held by the company at the point of GST registration; and Property rental, utilities and services, which are not directly attributable to any supply made by the company before it became GST-registered Exemptions to GST Generally, the following goods and services are exempt from GST: Financial services; Sale and lease of unfurnished residential properties; Importation and local supply of investment precious metals International services; and Exported goods To check if your business activity is exempt from GST, consult your tax specialist. Do note that in order to access myTax Portal, one would require a SingPass. Companies can zero-rate their supplies to overseas customers for goods hand-carried out of Singapore via Changi International Airport only. With regards to how the company intends to prepare its GST returns, the company would have to disclose whether it will be preparing the GST returns internally, or choosing to outsource this function. Notwithstanding the fact that Singapore has a very pro-business climate, it takes abuse of the GST system very seriously, as this means that companies are either unfairly overcharging their customers or evading their tax responsibilities. This means that the company would be liable for all GST payments since the date it was required to register for GST, even if there was no GST collected from its customers. In addition, any company that intends to charge GST will be required to be GST-registered, regardless of its taxable income. For companies that are unfamiliar with the process, understanding how to appropriately apportion GST expenses and claims may initially seem confusing. Import GST on non-dutiable overseas goods is temporarily suspended, until the imported goods leave the warehouse and enter the local market. Voluntary disclosure made after the grace period and qualifying conditions are met. Our professional taxation specialists will attend to every step of your application thoroughly. In the course of such audits, IRAS may request for the following information:. Companies can account for output tax upon receipt of payment from customers and input tax is claimed only upon payment to suppliers. A snapshot of these GST schemes is presented in the table below:. To understand which GST schemes your company can qualify for and its related procedures, do consult your tax specialist. Non-GST-registered companies will not be able to do so. Voluntary disclosure for late stamping or underpayment of Stamp Duty and the qualifying conditions are met.{/INSERTKEYS}{/PARAGRAPH} Register GST. For example:. Voluntary disclosure made within the grace period of one year from statutory filing deadline, and the qualifying conditions are met. In fact, for companies that voluntarily declare errors within one year, there will be no penalty imposed. For companies that are in the export business, they will be able to claim GST on expenses but exports will be zero-rated under the GST schemes. Typically, most companies choose to outsource this function, which would allow the company to be cost-effective whilst tapping on the expertise of an experienced tax specialist. {PARAGRAPH}{INSERTKEYS}For consumers, GST is an integrated tax that is incorporated into the price of goods and services in Singapore. This would mean that they are in a GST refund position. Generally, the earlier IRAS is informed of the mistake, the lower the penalty will be. Need help with your GST application?