GST COMPUTATION & SUBMISSION

ACCOUNTING SERVICES SINGAPORE
GST is a tax charged on the supply of goods and services made in Singapore and on the import of goods into Singapore. The current rate is 7%.

Your business must be registered to collect GST if your annual turnover exceeds or is likely to exceed S$1 million from the sale of taxable goods and services. You can apply for exemption from GST registration if most of your goods or services are exported or supplied internationally (“zero-rated supplies”).

You may also apply to the comptroller of GST to collect GST voluntarily. Approval for voluntary registration is at the discretion of the comptroller. Once the approval is given, you must remain registered for at least 2 years.
If you are a GST registered trader, it is the director’s responsibility to comply with all the obligations of a GST-registered company, and the related administrative and book-keeping costs that may incur to comply with the GST Act. GST submission has to be submitted to IRAS (Inland Revenue Authority of Singapore) on a quarterly basis. As such, you will incur quarterly book-keeping and GST submission cost.

Services

Chan Management Services Singapore offers both GST Registration Service and GST Book-keeping/Computation and Submission Service. We advise you on your optimal GST filing cycle, and will perform necessary quarterly GST filing as per statutory requirement.

We ensures that you will have peace of mind to know that you will not miss your deadlines* on filing your GST returns.

*Kind Note:

If the GST returns is not submitted by due date (i.e. 1 month after the end of the prescribed accounting period), a penalty of $200 for each month that you continue not to submit the return will be imposed, up to a sum of $10,000.
If payment is not made by due date, a PENALTY of 5% of the unpaid tax will be levied. If Payment is still not made after 60 days, an ADDITIONAL PENALTY of 2% of the tax unpaid will be added from the first day after the due date. It will be added for each completed month, subject to the maximum of 50% of the tax unpaid.

Process/Documents Needed

• One of the directors/manager(s) needs to be present in person at the time of filing and submission.
• Bring along Monthly Bank Statements, Sales Invoices, Payment Vouchers, Cash/Cheque Deposits, Purchase Invoices and Salary Details for the Submission Period;
• Provide Estimated Annual Sales Turnover of Company;
• GST Approval Letter for us to advice on filing cycles;