What should I do now if my company turnover is about to reach 1 million?

You need to assess if your company turnover in any past 12 months or the next 12 months is more than S$1 million.

• If it is, you need to register for Goods & Services Tax (GST) immediately.
• If it is not, no action is required from you from this point. However, you need to continue to monitor  and assess your company turnover and ensure that you register for GST once your liability arises.

You have to monitor your turnover by splitting the 12 months into 4 quarters. Quarter means a period of 3 months ending on the last date of March, June, September or December.

You are required to register for GST if:

• At the end of any quarter, where the total value of your turnover in that quarter and the previous 3 quarters is more than S$1 million.
• At any time, if you have reasonable grounds to believe the value of your turnover in the next 12 months will be more than S$1 million.