Registering for GST
Now that you’ve got a handle on the basics, find out if your business needs to register for GST and, if so, how to do it and what happens next.
Who needs to register for GST?
Businesses with a taxable turnover exceeding $1 million are required to register.
If your business does not exceed $1 million in taxable turnover, you may still choose to voluntarily register for GST after careful consideration.
You may also need to register under the reverse charge and Overseas Vendor Registration regime:
If your business procures services from overseas suppliers and your business would not be entitled to full input tax credit even if you were GST-registered.
Overseas Vendor Registration
If you are an overseas supplier or a local/ overseas electronic marketplace operator that provides digital services to individuals and businesses in Singapore that are not registered for GST.
Benefits of registering
If you’re GST registered, you can collect GST credits from IRAS on your purchases of good and services from your GST registered suppliers.
What do I need to register?
Step One: Determine the Type of GST Registration
Step Two: Complete e-Learning Course (Only for Voluntary Registration)
Step Three: Submit Your Application for GST Registration
Note: You will need to attach supporting documents at the end of the application process.
Filing GST Tax Returns
Once approved, you will receive a confirmation letter from IRAS confirming that the company is registered for GST.
On the effective date of GST registration, the company must start charging and collecting GST.
GST registered businesses must file a GST F5 tax return to IRAS.
Choosing your filing frequency
There are two options: monthly or quarterly.
- GST tax returns must be filed electronically through myTax Portal.
- If there are no GST transactions during an accounting period, the business must still file a nil return.
- Companies must pay GST to IRAS within 1 month after filing an F5 return.
- Companies must report both their input tax and output tax.
Choosing and changing your filing frequency/accounting period
Accounting period refers to the period covered by the GST return.
The standard accounting period is quarterly unless you have indicated otherwise. You can apply for a monthly accounting period or a change of accounting periods if there is a change in your business circumstances or financial year end. You application is then subject to review and approval.
Chapter 3: Calculating GST and issuing tax invoices
Working out the amount of GST to add to your goods or services is easier than you think. We’ll show you how to calculate GST and how to add GST to tax invoices.Read next chapter