{"id":1148,"date":"2021-10-13T17:26:00","date_gmt":"2021-10-13T09:26:00","guid":{"rendered":"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/?p=1148"},"modified":"2022-04-19T14:35:15","modified_gmt":"2022-04-19T06:35:15","slug":"goods-and-services-tax-gst-basics-for-businesses-in-singapore","status":"publish","type":"post","link":"http:\/\/webpreview.sg\/mms\/goods-and-services-tax-gst-basics-for-businesses-in-singapore\/","title":{"rendered":"Goods and Services Tax (GST) basics for businesses in Singapore"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1148\" class=\"elementor elementor-1148\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-14ea1614 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"14ea1614\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-280712e8\" data-id=\"280712e8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-10583e9 elementor-widget elementor-widget-text-editor\" data-id=\"10583e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>GST is a tax on domestic consumption, collected for nearly all taxable supplies of goods and services in Singapore. It is also levied on goods imported, regardless of whether the importer is GST-registered, with the exceptions.<\/p>\n<p>Supply is defined to include sale, transfer, exchange, barter, license, rental, lease and disposal. If a person undertakes either of these transactions during the course or furtherance of business for consideration, it will be covered under the meaning of Supply under GST.<\/p>\n<p>The types of supply can be generalised as follows:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f8959d1 elementor-widget elementor-widget-image\" data-id=\"f8959d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"619\" src=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/img4.png\" class=\"attachment-full size-full wp-image-1154\" alt=\"\" srcset=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/img4.png 800w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/img4-300x232.png 300w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/img4-768x594.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" style=\"width:100%;height:77.38%;max-width:800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f7f1df elementor-widget elementor-widget-spacer\" data-id=\"4f7f1df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-76e5405 elementor-widget elementor-widget-image\" data-id=\"76e5405\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"600\" src=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/img2.png\" class=\"attachment-full size-full wp-image-1158\" alt=\"\" srcset=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/img2.png 800w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/img2-300x225.png 300w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/img2-768x576.png 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" style=\"width:100%;height:75%;max-width:800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-003eadd elementor-widget elementor-widget-heading\" data-id=\"003eadd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">GST Registration<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9b4610e elementor-widget elementor-widget-text-editor\" data-id=\"9b4610e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>All businesses in Singapore with annual taxable supplies exceeding S$1 million are required to register for GST. Businesses that do not exceed S$1 million in taxable supplies may also voluntarily register for GST.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-419815e elementor-widget elementor-widget-text-editor\" data-id=\"419815e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>To qualify for voluntary registration, you must satisfy any of the following:<\/p><ul><li>Your business makes taxable supplies;<\/li><li>Your business only makes out-of-scope supplies. Out-of-scope supplies mainly refer to sales of goods that did not enter Singapore and goods in transit;<\/li><li>Your business makes exempt supplies of financial services that are also international services; or<\/li><li>Your business procures services from overseas service providers and you would not be entitled to full input tax credit even if you were GST-registered.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6b9fb16 elementor-widget elementor-widget-text-editor\" data-id=\"6b9fb16\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>With effect from 1 January 2020, GST registration requirements have been updated to cover businesses operating outside Singapore that are supplying digital services to consumers in Singapore. The registration requirements are further extended to non-digital services and low-valued goods imported via air or post, with effect from 1 January 2023. These extensions are meant to level the GST treatment between local and overseas vendors. More details on GST requirements for businesses operating outside Singapore would be covered in a subsequent blog.<\/p><p>It is advisable to consult professionals who provide <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/services\/taxation-services\/gst-filing-services\/\">GST services<\/a> and <span style=\"color: #ab8b73;\">accounting services in Singapore<\/span> if you need assistance to determine whether your business should register for GST.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f0bdbbc elementor-widget elementor-widget-spacer\" data-id=\"f0bdbbc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-125371f elementor-widget elementor-widget-heading\" data-id=\"125371f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">On-going compliance after GST registration<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0fcf512 elementor-widget elementor-widget-text-editor\" data-id=\"0fcf512\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>GST-registered businesses are required to charge and collect output tax on all taxable supplies, based on the values of supplies at the time of supply. If the supply is for a consideration wholly in money, the equation of the value of the supply is as follows:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-791f007 elementor-widget elementor-widget-image\" data-id=\"791f007\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"500\" height=\"296\" src=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/money_new.png\" class=\"attachment-full size-full wp-image-1262\" alt=\"\" srcset=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/money_new.png 500w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/money_new-300x178.png 300w\" sizes=\"(max-width: 500px) 100vw, 500px\" style=\"width:100%;height:59.2%;max-width:500px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf6df17 elementor-widget elementor-widget-text-editor\" data-id=\"cf6df17\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Collected output taxes and the input taxes incurred on business purchases (including imports) and expenses, are reported to IRAS via the submission of GST return. For imports of goods into Singapore, the Singapore Customs administers the collection of GST according to the provisions of the Customs Act (Cap 70).<\/p>\n<p>On the imports of goods, it is noteworthy that the point of transfer of ownership of imported goods to local customers would affect the determination of whether it is a standard-rated supply or, an out-of-scope supply. The named importer\/consignee would also determine the party responsible for the input taxes at the point of import.<\/p>\n<p>GST return is to be submitted within a month from the end of each prescribed accounting period, done usually on a quarterly basis. With the input taxes and output taxes recorded, the difference would represent the net GST that is payable to IRAS or refundable by IRAS.<\/p>\n<p>The table below sets out the due dates for the submission of GST return for a typical GST-registered business.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a3a5a74 elementor-widget elementor-widget-image\" data-id=\"a3a5a74\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"841\" height=\"370\" src=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/img5.png\" class=\"attachment-full size-full wp-image-1193\" alt=\"\" srcset=\"http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/img5.png 841w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/img5-300x132.png 300w, http:\/\/webpreview.sg\/mms\/wp-content\/uploads\/2021\/09\/img5-768x338.png 768w\" sizes=\"(max-width: 841px) 100vw, 841px\" style=\"width:100%;height:44%;max-width:841px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22e8290 elementor-widget elementor-widget-text-editor\" data-id=\"22e8290\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The late submission penalty of $200 is imposed immediately once the GST return is not filed before the due date. A further penalty of $200 will continue to be imposed for every completed month that the GST F5\/F8 return is outstanding, till the maximum of $10,000 for each outstanding F5\/F8 return.<\/p>\n<p>The content above is not meant to be a comprehensive guide on GST. To save yourself from being mired down with the compliance and details of the rules and regulations, you may wish to engage a company providing <span style=\"color: #ab8b73;\">accounting services in Singapore<\/span> and <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/services\/accounting-services\/gst-compilation-services\/\">GST compilation services<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2ede61d elementor-widget elementor-widget-spacer\" data-id=\"2ede61d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7a9ee7e3 elementor-widget elementor-widget-html\" data-id=\"7a9ee7e3\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"text-center tab-contact-btn\"> <a class=\"default-btn red\" href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/contact-us\/\">Get In Touch<\/a><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f983722 elementor-widget elementor-widget-spacer\" data-id=\"6f983722\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Goods and Services Tax (GST) basics for&#8230; <\/p>\n","protected":false},"author":10,"featured_media":1153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-1148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-taxes-on-income-in-singapore","entry"],"acf":[],"_links":{"self":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/1148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/comments?post=1148"}],"version-history":[{"count":0,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/1148\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media\/1153"}],"wp:attachment":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media?parent=1148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/categories?post=1148"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/tags?post=1148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}