{"id":1804,"date":"2022-06-27T11:59:43","date_gmt":"2022-06-27T03:59:43","guid":{"rendered":"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/?p=1804"},"modified":"2022-06-28T21:06:40","modified_gmt":"2022-06-28T13:06:40","slug":"responsibilities-of-gst-registered-businesses","status":"publish","type":"post","link":"http:\/\/webpreview.sg\/mms\/responsibilities-of-gst-registered-businesses\/","title":{"rendered":"Responsibilities of GST-Registered Businesses"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1804\" class=\"elementor elementor-1804\">\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>All companies and businesses that are Goods and Services Tax (GST) registered are required by law to charge and account for GST to all <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/taxation-services\/gst-filing-services\/\">taxable goods and services<\/a>, file its quarterly GST-returns, pay GST punctually and <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/maintaining-proper-accounting-records-and-documents\/\">maintain records of its accounts<\/a> for at least 5 years.<\/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-f05add5 elementor-widget elementor-widget-heading\" data-id=\"f05add5\" 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\">Submission of GST returns <\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4de4b37 elementor-widget elementor-widget-text-editor\" data-id=\"4de4b37\" 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 GST returns (F5\/F8) must be submitted via mytax.iras.gov.sg within one month from the end of each <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/accounting-services\/gst-compilation-services\/\">GST accounting period<\/a>. Companies can check their filing due date on myTax Portal or engage a company providing <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/taxation-services\/gst-filing-services\/\">GST filing<\/a> and <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/accounting-services\/accounting-bookkeeping-services\/\">accounting services in Singapore<\/a>. A \u201cNIL\u201d return needs to be filed even if there were no transactions during the period. Late or non-filing may result in late submission penalties, summons issued to directors\/sole-proprietors and issuance of an estimated Notice of Assessment for GST not filed.<\/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-35deeb1 elementor-widget elementor-widget-heading\" data-id=\"35deeb1\" 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\">Payment of GST<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f0276c6 elementor-widget elementor-widget-text-editor\" data-id=\"f0276c6\" 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>Payments for GST are also due one month after the end of the accounting period reflected in the GST returns. Any late or non-payment will immediately incur a 5% penalty, with an additional penalty of 2% per month on tax remaining unpaid after 60 days from the due date of the prescribed accounting period.<\/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-46f4301 elementor-widget elementor-widget-heading\" data-id=\"46f4301\" 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\">Display GST-inclusive prices<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-254f856 elementor-widget elementor-widget-text-editor\" data-id=\"254f856\" 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 prices displayed to the public or customers must be inclusive of GST. If GST-exclusive prices are displayed, GST-inclusive prices must be just as prominently displayed. Failure to do so may result in a fine of up to $5,000.<\/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-35985ef elementor-widget elementor-widget-heading\" data-id=\"35985ef\" 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\">Include GST registration number in tax invoices<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a74e21d elementor-widget elementor-widget-text-editor\" data-id=\"a74e21d\" 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 tax invoices and receipts are required to reflect the company\u2019s GST registration number. All GST-registered businesses are required to issue tax invoices or customer accounting tax invoices for all standard-rated supplies.<\/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-aa3dc30 elementor-widget elementor-widget-heading\" data-id=\"aa3dc30\" 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\">Inform IRAS of any changes to business <\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-84962d3 elementor-widget elementor-widget-text-editor\" data-id=\"84962d3\" 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>Any changes to business circumstances should be updated with IRAS, including: <\/p><ul><li>change in business constitution,<\/li><li>change in ownership, <\/li><li>change in partner(s) or particulars of partner(s), <\/li><li>transfer of business as a going concern, <\/li><li>change in financial year end (for non-ACRA registered entities), and<\/li><li>setting up of new partnerships business with the same composition of partners.<\/li><\/ul><p>Most changes lodged with ACRA, such as company name and mailing address, will be automatically updated with IRAS by the following week.<\/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-e146501 elementor-widget elementor-widget-heading\" data-id=\"e146501\" 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 de-registration<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f16b86 elementor-widget elementor-widget-text-editor\" data-id=\"9f16b86\" 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>Businesses that de-registers for GST are required to account for GST on business assets held on the last day of registration. According to IRAS, these assets include inventories, fixed assets, non-residential properties and goods imported under the various GST schemes.<\/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-a39cdcc elementor-widget elementor-widget-text-editor\" data-id=\"a39cdcc\" 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>As GST filing and maintaining proper records can be daunting and complicated, finding a reliable partner for your <a href=\"https:\/\/wordpress-1060383-4052188.cloudwaysapps.com\/accounting-services\/gst-compilation-services\/\">GST compilation<\/a> and filing needs is key in ensuring you meet your GST obligations.<\/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>All companies and businesses&#8230; <\/p>\n","protected":false},"author":10,"featured_media":1806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-business-updates-in-singapore","entry"],"acf":[],"_links":{"self":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/1804","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=1804"}],"version-history":[{"count":0,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/posts\/1804\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media\/1806"}],"wp:attachment":[{"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/media?parent=1804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/categories?post=1804"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/webpreview.sg\/mms\/wp-json\/wp\/v2\/tags?post=1804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}