Why GST filing is necessary in Singapore?

Businesses with an annual turnover of more than SGD 1 million are required for GST filing Singapore. It guarantees efficient and equitable taxation of goods and services.

How often do I need to file GST returns in Singapore?

Within a month of the end of each required accounting period, quarterly GST returns must be submitted.

How can I determine if my company meets the criteria for mandatory GST registration?

Businesses that make more than SGD 1 million in revenue annually are required to register for GST. It is also feasible for businesses with lower turnover to voluntarily register.

How long does it take to complete the GST registration process?

Although the processing period for company GST registration Singapore varies, it often takes ten working days after the application is submitted.

Where can I find assistance with the GST registration process in Singapore?

WZ WU & Partners provides expert guidance through the Singapore company GST registration procedure, guaranteeing correctness and adherence to Singapore’s tax laws.

GST Filing Singapore | Company GST Registration Singapore

GST Registration and Filling Singapore

GST registration and GST filing in Singapore can be quite challenging for many businesses. With expert assistance from WZ Wu & Partners, you can easily comply with your GST registration and filing obligations, freeing up time to focus on growing your business.

Our GST services include:

GST registration in Singapore (Compulsory / Voluntary)
GST filing in Singapore
GST de-registration
Resolving GST issues with IRAS

What is GST?

GST, or Goods and Services Tax, is a tax on goods and services in Singapore. Businesses add this tax when selling products or services. Importing goods also involves GST. In other countries, it’s often called VAT (Value Added Tax). Singapore’s GST rate is 8%, which is lower than many countries where the rate can reach 20%. Managing GST correctly is crucial to avoid penalties.

Who Needs to Register for GST?

You must register for GST if:

Your business earns over $1 million in the last 12 months.
You expect your earnings to surpass $1 million in the next 12 months.

If you make less than this, you can still register voluntarily. Voluntary registration allows you to claim GST on business expenses.

Types of GST Registration in Singapore

There are two main types of company GST registration in Singapore:

Compulsory Registration: If your business meets the $1 million threshold, you must register for GST.
Voluntary Registration: Businesses below the threshold can still register but must understand and meet the obligations involved.

Why Choose WZ Wu & Partners for GST Registration and Filing?

At WZ Wu & Partners, we tailor our services to your needs, ensuring a smooth process. Here’s why you should work with us:

Expert Guidance: We know Singapore’s GST laws well. Our team guides you through every step, from registration to ongoing filing.
Hassle-Free Process: We handle all paperwork and submissions to help you avoid missed deadlines and costly mistakes.
Comprehensive Support: We support you through Singapore company GST registration, filing, de-registration, and solving disputes with IRAS.
Audit Assistance: We help you prepare for IRAS audits, ensuring full compliance and reducing risks of fines.

Process for GST Registration and Filing for Singapore Companies

Our process simplifies GST registration and filing:

Prepare the Necessary Documents
Gather key documents like your company’s ACRA registration, financial statements, and business records.
Create a CorpPass Account
This account allows your business to handle online government transactions, including GST registration.
Submit Your Application via myTax Portal
We help you complete and submit your GST registration through IRAS’s myTax Portal.
Receive Approval
Once submitted, IRAS reviews your application, and once approved, your business receives a GST registration number.
Begin GST Filing
After registration, we manage your GST filings to ensure full compliance with regulations.

What Are the Benefits of GST Registration?

Claim Input Tax Credits: Company GST registration in Singapore lets your business recover GST paid on purchases, lowering overall costs.
Boost Credibility: Registering for GST boosts your company’s reputation, showing professionalism and trustworthiness.
Manage Cash Flow: Voluntary registration can help you manage cash flow better by-passing GST costs to your customers.

Why GST Compliance Matters

Staying compliant with GST regulations helps you avoid penalties and fines. Late or incorrect filings can lead to audits, which disrupt your business. Failing to comply with GST rules can cost time and money. At WZ Wu & Partners, we make sure your business stays compliant with GST laws. Our deep knowledge of IRAS regulations helps you avoid risks and stay ahead of any regulatory changes.

Frequently Asked Questions (FAQs)

What’s the difference between GST and VAT?

GST and VAT are similar taxes on goods and services. The difference is just in the name, but they work the same way.

Do all businesses need to register for GST?

No, only businesses earning over $1 million must register. But smaller businesses can choose to register if it benefits them.

How long does GST registration take?

It usually takes 10 to 14 working days to complete the GST registration process, depending on how complete your documents are.

Can I claim GST for expenses before registration?

Yes, businesses can claim GST on expenses up to six months before their registration date.

What happens if I don’t file GST returns on time?

Late returns lead to penalties, fines, and potential audits from IRAS, which could be costly for your business.