Question 1

GST Registration and Changes

Accepted Answer

GST department has revised their GST application form in January 2013.

– More information is required for complete the submission
– Compulsory to complete 2 GST course as follows
> lesson 1 (http://elearn.iras.gov.sg/iraslearning/content/iras/startPage/index.aspx?cid=3)
> lesson 2 (http://elearn.iras.gov.sg/iraslearning/content/iras/startPage/index.aspx?cid=2)

Besides, you may require to pay a security deposit for the amount of $20,000 and above in order to register your Company with GST under Section 81(3) of the Goods and Services Tax Act.

Having difficulties in completing the application form and completing the GST course? No worries, our professional will assist you always and complete the GST registration from $600 (W/GST $654) only (included the follow up process).

Question 2

Dealing with the IRAS

Accepted Answer

• Applying for GST registration or deregistration
 • Managing and responding to IRAS queries
 • Making voluntary disclosures of errors to the IRAS to mitigate penalty exposure
 • Managing IRAS audits and investigations

Question 3

Compliance Support

Accepted Answer

• Reviewing and e-filing GST returns
 • Conducting GST Compliance Review (GST Health check)
 • Conducting Assisted Self-Help Kit (ASK) review
 • Conducting in-house GST training customized to specific business transactions
 • Advising on GST implications involving business start-ups, new business arrangements and cross-border transactions
 • Assisting with dispute resolutions
 • Reviewing and advising on internal controls for GST reporting
 • Reviewing and advising on accounting system logic for GST coding

Question 4

Should I registered GST for my Company in Singapore?

Accepted Answer

My company’s revenue is under $1 million — do I need to register for GST?

GST is a tax on most goods and services in Singapore, including imports. Some items—like residential property transactions and most financial services—are exempt, while exports are zero-rated.

You must register for GST if your annual turnover exceeds $1 million. If it’s below $1 million, you may choose to register voluntarily.

Once registered, you must charge GST on your sales (output tax) and can claim GST incurred on business purchases (input tax). You file GST returns—usually quarterly—to report these amounts. The difference is either paid to or refunded by IRAS.

If you’re not GST-registered, you cannot claim GST on your purchases, but you also do not need to charge GST to your customers.

Question 5

You should consider the following before you register as GST

Accepted Answer

You should consider the following before you register as GST
1. Responsibilities of a GST-registered business – Once registered, you are a GST collecting agent of the government. This means that there are responsibilities that you need to fulfill. Complying with these responsibilities may increase your administrative costs.
2. Profile of your suppliers
3. Profile of your customers
4. Type of sales which you make
5. Your pricing decision after GST registration

***For detailed information on issues to consider before register GST, please refer to this link ( https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-registration-deregistration/factors-to-consider-before-registering-voluntarily-for-gst)

Goods and Services Tax

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