GST

We can help in the following Services with regards to GST :

1. Helping Company to Apply for GST registration

2. Quarterly to compile the Report for GST Filing

3. If there is GST Audit to be present to answer the IRAS Auditor queries.

Please email us for a Quote :  angels@angelsbusiness.sg  

 

Goods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore.

Taxable and Non-Taxable Goods and Services

The table below lists the categories and types of taxable and non-taxable supplies.

 Taxable Supplies   Non-Taxable Supplies   
Standard-Rated Supplies

(7% GST)

 Zero-Rated Supplies

(0% GST)

 Exempt Supplies

(GST is not applicable)

 Out-of-Scope Supplies

(GST is not applicable)
Goods Most local sales fall under this category.

E.g. sale of TV set in a Singapore retail shop

 Export of goods

E.g. sale of laptop to overseas customer where the laptop is shipped to an overseas address

 Sale and rental of unfurnished residential property

Importation and local supply of investment precious metals

 Sale where goods are delivered from overseas to another place overseas

Private transactions

See Out-of-scope supplies for more information.
Services Most local provision of services fall under this category.E.g. provision of spa services to a  customer in Singapore Services that are classified as  international services

E.g. air ticket from Singapore to Thailand (international transportation service)

 Financial services

E.g. issue of a debt security

 

Digital payment tokens (from 1 Jan 2020)

E.g. exchange of Bitcoin for fiat currency

Businesses Required to Register for GST

As a business, you must register for GST when your taxable turnover exceeds $1million.

If your business does not exceed $1 million in taxable turnover, you may still choose to voluntarily register for GST after careful consideration.

Paying Output Tax and Claiming Input Tax Credits

As a GST-registered business:

  1. You must submit your GST return to IRAS one month after the end of each prescribed accounting period. This is usually done on a quarterly basis.
  2. You should report both your output tax and input tax in your GST return.
  3. The difference between output tax and input tax is the net GST payable to IRAS or refunded by IRAS.

Output tax is the GST charged to your customers for goods and services you sell. Input tax is the GST paid on your businesses purchases. If Output tax > Input tax, the net GST is payable to IRAS. If Output tax < Input tax, the net GST is refundable to you.