You need to assess if your 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,…Read More
Taxation & Accounting FAQs / Singapore GST
Incorporated companies are separate legal entities. The registration liability of an incorporated company will be determined on its own. It is required to register for GST if its turnover for the past 12 months is more than S$1 million or is expected to be more than S$1 million in the…Read More
Goods and Services Tax (GST) is a tax on the supply of goods and services made in Singapore by a taxable person in the course or furtherance of any business carried on by him and on the importation of goods into Singapore.
A Taxable Supply is a supply of goods and services made in Singapore other than an exempt supply. Goods & Services Tax (GST) is chargeable on a taxable supply of goods and services made by a taxable person in the course or furtherance of his business. However, any GST incurred…Read More
“Taxable Turnover” is the total value of all taxable supplies made in Singapore (excluding Goods & Services Tax (GST)) in the course of furtherance of business. This includes the value of all standard-rated (GST at prevailing rates) and zero-rated (GST at 0%) supplies but it excludes exempt supplies, out-of-scope supplies…Read More
If you are late in registering for Goods & Services Tax (GST), you will be guilty of an offence and be liable on conviction to a fine up to S$10,000 and to a penalty equal to 10% of the tax due in respect of each year commencing from the date…Read More