GST filing and registration in Singapore
GST filing and registration in Singapore
GST filing and registration in Singapore

GST filing and registration in Singapore

We help Singapore businesses register for Goods and Services Tax, and we file it accurately on time

Learn what it takes
  • ACRA registered filing agent
    FA20170653
  • Xero Platinum Partner
    Xero
    Platinum Partner
  • Institute of Singapore Chartered Accountants
    Our accountants are certified by ISCA
  • MOM Employment Agency License
    License No. 19S9930
  • Infocomm Media Development Authority
    Pioneers of Cloud Community Network

GST registration

GST is a Goods and Services tax, or value-added tax. GST registration in Singapore is compulsory if your company’s turnover is over S$1 million a year. The GST rate is 7%. The GST rate for the goods and services you sell to someone outside Singapore is 0%.

A voluntary GST registration is also an option and might bring you perks. From 2020, GST is applied not only to the goods and services rendered in Singapore but also to some of those coming and going from overseas.

Outsourcing bookkeeping and accounting can minimise the risk of missing the GST changes. It also helps you grasp the requirements and choose the most beneficial scenario for your particular type of business when dealing with GST.

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How does a company charge GST?

How does a company charge GST?

You add 7% to the sum you charge the customer for your goods or services and then pay it to Inland Revenue Authority of Singapore (IRAS). For example, if your product costs S$50, you sell it for S$53,5, then you pay S$3,5 to the government.

What goods and services are subject to GST?

Singapore applies GST to most goods and services, except:

  • Sale or rental of unfurnished residential property
  • Importation or local supply of investment precious metals
  • Financial services, like issuing a debt security
  • Services with digital payment tokens like Bitcoin
Does a company need to pay GST for services it gets?

Does a company need to pay GST for services it gets?

When you buy goods or services, and you pay the sum with GST already included by the supplier.

However, you can refund GST when filing your tax return. Let’s say you buy products for S$100 (7% GST included, that is S$7). You use them and get a profit of S$1,000. You must pay S$70 as GST. You can claim the initial S$7 you paid (S$70 – S$7) and pay S$63 of GST to the government.

When does a company have to pay GST?

When does a company have to pay GST?

You file GST once a quarter, no longer than 30 days after the reporting period ends. Even if your company has nothing to report, but it is GST-registred, you should file a ‘nil’ return.

  • What is new with GST in 2020?

    What is new with GST in 2020?

    Certain services from foreign-based providers have become GST-charged from 2020.

    For example, you have a corporate Microsoft Office licence you pay S$100 for:

    You are not-GST registered — Microsoft will add the 7% to the price and pay the tax for you. Your subscription fee will rise to S$107.

    You are GST-registered — notify Microsoft so as not to be charged twice and pay the tax yourself. Your subscription fee will remain S$100.

  • What are the benefits for a voluntary GST registration?

    What are the benefits for a voluntary GST registration?

    If you buy inside Singapore, but mostly sell overseas, a voluntary GST registration might reduce the running costs of your company.

    Besides, it might improve your image for business partners, the government and the customers.

    Every company whose annual revenue exceeds S$1 million is required to register for GST. So most companies that are registered have passed that threshold. If you register before that, you would get a small reputation boost.

Choose the plan that works for you

Our accounting packages come as they are, no extra charges — simple and straightforward. If you pay upfront for the whole year, you get 20% off.

Mini

60 transactions a year
S$90 a month, or billed upfront at

$ 75/m

Starter

40 transactions a month
S$180 a month, or billed upfront at

$ 150/m

Need more?

We can tailor a solution that works for you — just talk to us

Your financial data protected

Your financial data protected

We set up a direct connection with Xero and your bank to exchange your data securely. All your documents will always be in one place protected with bank-level encryption

Additional things you may need:

One-off services upon your request

Multicurrency Accounting

S$25 a month

When your company deals with multiple currencies

GST registration and filing exemption

S$300

We register your company for GST

Consolidation only

S$1,000

Covers the parent company + 1 subsidiary. Add subsidiaries, associates or joint ventures at S$300 each.

Bookkeeping only

from 

S$100 a month

Includes daily bookkeeping in Xero, books ready for your accountant, and online support

Dormant Accounting

S$300

Includes Unaudited Report and tax filing

Payroll

S$25 per person per month

We issue payslips, calulate basic salary, overtime, and bonus, prepare and file statutory contributions: CPF, SDL, FWL, etc.

XBRL Highlight

S$200

Only required for companies with negative equity or insolvent

Full XBRL

from 

S$500

Mainly required for companies being audited, or companies with corporate shareholders, regardless of equity being positive or negative

Tax Filing Only

S$500

We file and submit the tax computation you have. Does not include the correction of errors.

Certificate of Residency (COR)

S$150

COR confirms residency status, it allows to reduce the withholding tax based on double tax treaties when dealing with overseas companies

Form C

S$600

Preparation and filing

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See Osome in action — schedule a free demo

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  • They use the Osome app to gently nudge me to send in paperwork, and they provide me with regular updates and reminders regarding finances and filing deadlines.

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Q&A

  • How can I check a GST registration number in Singapore?

    In Singapore you can check a company’s GST registration number online. Go to the Inland Revenue Authority in Singapore (IRAS) website and type in the company’s details. You can check one company using its name or up to 4 companies that you have UEN number, GST registration number, or NRIC.

  • What is GST registration?

    GST registration is informing the Singapore government that your company will now pay Goods and Services Tax. Only companies that make S$1M in revenue a year or more have to pay GST. So once you’ve reached the mark, you need to let the Inland Revenue Authority in Singapore (IRAS) know.

    To register, you need to fill in the GST F1 form and submit it to IRAS. You’ll have to prepare quite a lot of paperwork (see the detailed checklist on IRAS website). If you hire Osome, we’ll take care of all the documents for you.

  • Is GST registration mandatory in Singapore?

    GST registration is mandatory if your company’s annual revenue has reached S$1M or is going to reach that mark soon. If your company makes less, the registration is up to you: there’s a process in place for voluntary GST registration. In some cases, voluntary registration makes more sense and can actually help you save on taxes.

  • Who needs GST registration?

    • Companies that have reached S$1M in annual revenue.
    • Companies that can forecast reaching S$1M in annual revenue soon.
    • Companies that buy in Singapore a lot and sell mostly overseas, as they might benefit from claiming back more GST they paid.
  • How long does GST registration take?

    The registration itself takes 10 working days from submitting the GST application form to getting the GST number. But preparing all the paperwork necessary to apply may take time. The list of required documents is extensive, and you even have to attach proof that you’ve completed an IRAS educational course on GST.

    Keep in mind that once your company has it the S$1M annual revenue mark, you have 30 days to register for GST. We advise you to plan ahead and file for voluntary registration a bit earlier.

It takes 3 minutes to get your paperwork in order

All you need to do is sign up. We’ll answer questions and take over documents straight away.

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