GOODS AND SERVICES TAX (GST)
Why should you get GST registered?
There are several reasons why a business may choose to register for GST (Goods and Services Tax) or VAT (Value Added Tax), depending on the country and tax system.
- Legality: In many countries, businesses are required to register for GST/VAT if their annual turnover exceeds a certain threshold. Failure to do so may result in penalties or legal action.
- Business growth: Registering for GST/VAT may also enable a business to grow by increasing its credibility and professionalism. It can provide a more established and reliable image to customers and suppliers, which can lead to more business opportunities.
- Input tax credit: When a business is registered for GST/VAT, it can usually claim back the GST/VAT paid on its purchases and expenses. This is known as an input tax credit, and it can help reduce the overall tax liability of the business.
Eg.- GST on a commercial property
- GST on goods and supplies
- Compliance: GST/VAT registration ensures that the business is compliant with tax laws and regulations, and that it is fulfilling its tax obligations.
- Global expansion: For businesses that operate in multiple countries, GST/VAT registration may be necessary to comply with local tax laws and regulations. This can help to facilitate cross-border transactions and expand the business’s global reach.
In summary, registering for GST/VAT can offer several benefits to a business, including legal compliance, growth opportunities, and potential tax savings. However, it is important to carefully consider the specific requirements and implications of GST/VAT registration in your country before making a decision.
1. Compulsory GST registration (Taxable turnover more than S$1 Million)
Documents Required:
- ACRA Business Profile
- Latest Financial Report OR Detailed Sales & Purchase Listings of 2 months if the business has been operating for less than 2 years
- Copies of 3 recent suppliers’ invoices received, including shipping documents
- Copies of 3 recent invoices issued to your customers, including shipping documents
2. Voluntary GST Registration
A) For companies who have started sales
Documents Required:
- ACRA Business Profile
- Latest Financial Report OR Detailed Sales & Purchased Listings of past 2 months if the business has been operating for less than 2 years
- Copies of 3 recent suppliers’ invoices received, including shipping documents
- Copies of 3 recent invoices issued to your customers, including shipping documents
B) For companies who have not started sales
Documents Required:
- ACRA Business Profile
- A copy of the signed contract(s), accepted tender & purchase order
- Copy of rental agreement for your business office, warehouse, shop, etc.
- Copy of Licence/ Permit/ Approval from relevant authorities to conduct business activities
- Copy of signed Option to purchase/ Sales & purchase agreement of property/properties
- Detailed Purchase Listing with 3 copies of recent suppliers’ invoices received, including shipping documents of past 2 months
COMPANY'S TAXATION SERVICES
With our affordable taxation services starting from as low as S$400/year, you can ensure compliance with tax regulations and avoid potential penalties.
LOCAL LAW COMPLIANCE
Under the Companies Act in Singapore, companies that are incorporated and/or registered in Singapore, including foreign companies, are required to prepare their financial statements in accordance with the FRS, unless they qualify for specific exemptions.
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