Goods and Services Tax

GST Registration in Singapore

What is GST in Singapore?

Goods and Service Tax in Singapore is a consumption tax levied at each stage of the supply chain. GST was introduced to increase the reliance to indirect taxes to allow the country to gain relief by lowering the income taxes. It is divided into two types, namely output tax and input tax. When a business charges and accounts, GST at the current rate it is called output tax and when a business claims, tax incurred on the goods and services purchased provided it fulfills certain criteria it is called input tax. The fundamental of GST is that it allows the businesses to claim the input tax credit by automatic deduction in their accounting system. Goods and Service Tax in Singapore is similar to the Value Added Tax (VAT) in many countries. Singapore’s GST is currently at 7%.

What we do?

Enrich Consulting offers excellent assistance related to GST registration in Singapore and many other valuable services to help your company satisfy the requirements in running a Singapore-based business. Our services include –

Goods and Service Tax Registration

  • We will register your business with the Inland Revenue Authority of Singapore (IRAS) and follow all the statutory procedures on your behalf.

Goods and Service Tax filing

  • We will prepare and file your GST returns based on the analysis of the impact of the GST registration on your company.
  • We offer quarterly filing of the returns and also conduct routine follow-ups.
  • We can aid you in a cancellation of GST returns.

Goods and Service Tax reporting

  • We comply with the Inland Revenue Authority of Singapore on your behalf.
  • We will help your business in GST Computation.
  • We will also handle all the IRAS queries.

Is your company Liable for GST registration in Singapore?

Your business is liable to compulsory registration if it fulfills any one of the following criteria:

  • Your annual turnover is more than $1million.
  • You are expecting an annual turnover of more than S$1 million due to improved sales.

You are not liable to register for GST:

  • If you are certain that your annual turnover will not exceed S$1 million. You must submit the relevant documentation.
  • If the annual turnover of your business is wholly from zero-rated supplies. (You can apply for exemption from registration)

If you fulfil any of the criteria below, you are not liable to register for GST however you may register voluntarily:

  • You may voluntarily register for GST even if your annual turnover does not reach S$1 million. However, you must write to the Comptroller of IRAS and satisfy the following:
  • You intend to supply goods outside of Singapore.
  • Your supplies are exempted of financial service.
  • You are expecting you annual turnover of your business to exceed 1 million S$

Benefits of Goods and Services Tax registrations in Singapore

  • It produces a stable inflow of revenue, which is essential for weaker economies.
  • GST reduces the corporate and personal tax rates, thus making the environment conducive for Foreign Direct Investment.
  • It is imposed on people only when they spend their money, therefore making it a fair tax system.
  • Savings and investments do not fall under the GST as it is levied only on consumptions and utilization of services.

Enrich consulting offers all the services related GST registration in Singapore. Our experts are committed to giving our clients the best service possible. Sign –up right away for a free consultation service.

Reference: iras.gov.sg

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TESTIMONIALS

  • In my journey to obtaining my ENTREPRENEUR PASS, I was plagued with many problems in looking for the right business consultant who can guide me and make the process easier and hassle free. I wanted fast but quality service and Enrich was able to deliver. Now, I am on my way to becoming a Permanent Resident and a Singapore Citizen. I would like to thank the Enrich family for their valuable help in giving me a chance to expand our business in SINGAPORE and for creating better opportunities for me and my family

    Mr. A.B.M. Badrul AminManaging Director, Baraka Logistics Pte. Ltd
  • We intended to venture in business, but we were in a dilemma in choosing which consultant to engage in setting up the business, obtain the necessary formalities and Visas. During short listing of the consultants, we were referred to Enrich by one of our trusted friend. Having engaged Enrich as our business management consultants, we were successful in getting the company incorporated and got our necessary Work passes and complied with all the necessary legal and tax formalities. We found the Enrich team to be outstanding Professionals in the areas of Business, Accounting, Immigration and Manpower matters in Singapore. They helped us in every step including setting up the company, obtaining necessary passes, CPF, Tax & ACRA compliance.   We continue to be very happy with Enrich and recommend them to anyone

    Aishath FaizManaging Director, Ermes Pte. Ltd.
  • We were planning to expand our business and migrate to Singapore but we were not sure how to proceed and what the formalities were. Having searched a few consultants, we found that Enrich Consulting was an excellent choice to work with.

    Mr. Peter Svahn Managing Director, Best Practice Pte. Ltd.
  • We found that their professional suggestions, opinions and recommendations made sense to us and gave us confidence in starting our business and migrating to Singapore. They guided us with company incorporation, bank account opening, tax planning, accounting, migration, etc. Also, the fee charged by them was very affordable and reasonable. Through their service we have successfully set up the company and got our Business Pass and our children’s dependent pass approved. We are now in the process of being naturalized in Singapore. We thank Enrich and its team for rendering outstanding service to us!"

    Mrs. Linn Svahn KlewinghausDirector, Best Practice Pte. Ltd
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