What is the penalty for the late registration of GST?
If you are late in registering for GST, you will be guilty of an offence and be liable on conviction to a fine up to S$10,000 and to a penalty equal to 10% of the tax due in respect of each year commencing from the date on which you are required to make the notification [...]
Backdated GST Registration
If I fail to register and did not collect any GST from my customers, will my GST registration still be backdated? Yes. You will be required to account for and pay the GST on all your taxable supplies made from the date that you should be registered and to pay the relevant penalties. This is [...]
If I am liable to register, can I choose the date that I want to commence registration?
Once you are liable to register, you are required to inform the Comptroller for GST within 30 days from the date your liability arises. The Comptroller will register you within the next 30 days. You can be registered earlier than this date (subject to the Comptroller’s approval).
Exemption from GST Registration
My turnover is more than S$1 million in the past 12 months but I do not want to be registered for GST. Can I be exempted from registration? No. It is compulsory for you to register for GST once your liability to register arises. The only exemption is when you are certain that your turnover [...]
Rules for GST Registration
I am a director of several companies, partner of multiple partnerships and owner of sole-proprietorship businesses. What is the registration rule for each type of business engagement to determine my liability to register for GST? Incorporated companies are separate legal entities. The registration liability of an incorporated company will be determined on its own. It [...]
How to Determine if I Need to Register for Goods & Services Tax?
GST is a self-assessed tax. This means that businesses are required to continually assess the need to register for GST. Registering for GST is compulsory when the turnover of your business is more than S$1 million for the past 12 months or is expected to be more than S$1 million in the next 12 months. [...]
What is an Exempt Supply?
There are 2 broad categories of exempt supply. They include the sale and lease of residential properties and financial services specified in paragraph 1 of the Fourth Schedule to the GST Act. GST will not be charged on the exempt supply. Generally, any GST incurred in making exempt supplies cannot be claimed as input tax.
What is Taxable Supply?
A Taxable Supply is a supply of goods and services made in Singapore other than an exempt supply. GST is chargeable on a taxable supply of goods and services made by a taxable person in the course or furtherance of his business. However, any GST incurred by a taxable person on business purchases used in [...]
What is GST?
Goods and Services Tax (GST) is a tax on the supply of goods and services made in Singapore by a taxable person in the course or furtherance of any business carried on by him and on the importation of goods into Singapore.
Does Singapore have any value added tax or general sales tax?
Yes. The sales tax in Singapore is called Goods and Services Tax (GST). The current GST rate is 7%. Only GST-registered businesses are allowed to levy the GST on their sales or invoices.
