GST Registration For Businesses in Singapore

GST Registration For Businesses in Singapore

If your business is making taxable supplies in Singapore exceeding $1 million in a calendar year, or you expect to exceed this threshold soon, it will be mandatory for you to register for GST. Companies that do not meet the taxable turnover requirement may register for GST voluntarily to claim input tax paid on their imports (subject to meeting certain conditions).

If you’re planning to start a new business, or your existing business is growing quickly, you should monitor your taxable turnover closely and consider applying for GST registration for businesses in Singapore when you reach the threshold. Doing so can save you the hassle of having to file GST returns and pay taxes every quarter.

Simplifying GST Registration for Businesses in Singapore

Businesses that are registered for GST in Singapore must collect and remit the tax on all taxable supplies made in Singapore, and keep proper records of their transactions and accounts. In addition, they must issue tax invoices to customers and keep copies of the invoices for at least 5 years.

The registration process for GST in Singapore is straightforward and can be done online or through paper forms. Once your company is registered, it will be assigned a unique GST identification number and will begin charging GST on all of its taxable supplies in Singapore.

CFO ACC allows an overseas entity to register for GST in Singapore on a prospective basis by appointing a local GST-registered firm as its agent under the overseas vendor registration regime. Under this regime, the Singapore-registered agent will be responsible for the import and supply of the imported goods on behalf of the overseas entity.

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