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Goods and Services Tax Registration in Singapore

Goods and Services Tax Registration in Singapore

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Singapore best GST filing assistance is a consumption tax applied to most goods and services in Singapore. It is levied at 8%. Unless exempted, all GST-registered businesses must charge and account for GST on their supplies. The GST collected is then used by the government for public services such as healthcare and education. Businesses with taxable turnover exceeding S$1 million must register for GST, either retrospectively or on a prospective basis. However, companies with lower taxable turnover can still choose to register voluntarily.

Comprehensive Guide to Goods and Services Tax in Singapore

Overseas vendors must register for GST under the Overseas Vendor Registration regime if they have a global annual turnover of S$1 million or more and supply imported low-value goods and remote services to non-GST registered customers in Singapore, on both a retrospective and prospective basis. Similarly, local and overseas operators of electronic marketplaces and deliverers must register for GST under the Overseas Marketplace Operators Redelivery Regime if they sell goods or provide digital and non-digital services through their platforms to Singapore customers.

GST-registered entities are required to keep proper records of all transactions and accounting matters for at least 5 years. This includes records of the GST charged to customers, the GST paid to suppliers and the GST incurred on the importation of goods and services.

Whether your company is GST-registered or not, it’s crucial to be aware of the deadlines and penalties associated with late registration and non-compliance. Our team at Osome is here to help you navigate the complexity of GST regulations and requirements. We offer comprehensive accounting services, including GST registration and filing, so you can focus on growing your business.

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