What is GST?
Goods and Services Tax (GST) is Singapore's broad-based consumption tax, currently set at 9% (since 1 January 2024). If your business is GST-registered, you must charge GST on your taxable supplies and file quarterly returns with IRAS.
When Must You Register?
GST registration is compulsory if:
- Your taxable turnover exceeds S$1 million in the past 12 months (retrospective basis), or
- You reasonably expect your taxable turnover to exceed S$1 million in the next 12 months (prospective basis)
You have 30 days from the date you become liable to apply for registration.
Voluntary Registration
Even if your turnover is below S$1 million, you may choose to register voluntarily. This can be beneficial if:
- You have significant GST-claimable expenses (e.g., importing goods)
- Your clients are GST-registered businesses who can claim input tax
- You want to project a more established business image
However, once voluntarily registered, you must remain registered for at least 2 years and comply with all GST obligations.
GST Filing Requirements
GST-registered businesses must:
- File GST returns (Form 5) quarterly via myTax Portal
- Maintain proper records for at least 5 years
- Issue tax invoices for all taxable supplies
- Account for GST on imported services (reverse charge mechanism)
Common Pitfalls
Late registration attracts penalties from IRAS. Common issues include:
- Not monitoring the S$1 million threshold regularly
- Incorrectly claiming input tax on blocked items (e.g., motor vehicles, club memberships)
- Failing to account for reverse charge on imported services
- Not updating IRAS when business details change
How Accuro Can Help
Our SCTP-accredited tax professionals handle GST registration and quarterly filings from S$800/year (4 filings included). We ensure you're compliant, maximise your input tax claims, and meet every deadline. Contact us to get started.