Register a Singapore Company: Singapore GST Services Details

Register a Singapore Company: Singapore GST Services Details

Goods and Services Tax (GST) is a tax charged on the supply of goods and services made in Singapore and on the importation of goods to Singapore. 7% rate is the current GST rate implemented. Good services tax in Singapore and Value Added Tax in other countries are the same concept.The measure-- Good services tax which was promulgated in Singapore on April 1, 1994 and was later on use by the VAT legislation of New Zealand and UK.

The Inland Revenue Authority of Singapore (IRAS) is a government body responsible for the administration, review, implementation and collection of GST.Except for financial services and the sale or lease of residential properties, GST is applied on all goods and services. Just like business registration and incorporation, there is also a need to register your business for GST and this is the reason why there are different Singapore GST services available in the country.

Main information you must know about Goods and Services Tax are the following:

A business is required to register if your annual turnover exceeds or is likely to exceed S$1 million from the sale of taxable goods and services. In addition, if most of your goods or services are exported or supplied internationally ("zero-rated supplies") then this requirement may be waived.

Structures such as sole proprietorships, partnerships, limited liability partnerships, companies, clubs, associations, management corporations or organizations, statutory boards and government bodies are allowed to register for GST.

Additionally, the following are some common reasons why there is a need for businesses to register to GST:

Several businesses register for GST to hold back the GST acquired on their business purchases.

The difference can be claimed from IRAS as a GST refund when GST paid exceeds GST collected.

It is advisable to voluntarily register to collect GST so that one can claim back GST incurred on business purchases when GST rate increase.

Also, a lot of GST schemes are provided for business professionals.

Goods and Services Tax Assistance Scheme?--Get a grant to lower the costs involved in becoming a GST-registered trader.The ability to collect GST and claim back for GST paid to suppliers are given to GST traders.

In Major Exporter Scheme (MES), major exporters can elevate their profits by deferring GST payments on goods imported solely for re-export out of Singapore.

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