GST Compliance (If Applicable)

Created by TeamScailable Support, Modified on Thu, 4 Jan, 2024 at 4:14 PM by TeamScailable Support

1. Frequency of Filing:

Quarterly Filing: Typically, GST-registered businesses are required to file their GST returns on a quarterly basis. However, the frequency can vary based on the business’s arrangements with IRAS.

2. Understanding Output Tax and Input Tax:

Output Tax: This is the GST that is charged and collected by the business on its taxable supplies (sales).

Input Tax: This is the GST incurred by the business on its business expenses and purchases.

3. Preparing for Filing GST Returns:

Accurate Record Keeping: Maintain detailed records of all sales and purchases to accurately compute the output and input tax.

Reconciliation: Reconcile the GST figures in the accounting records with the financial statements to ensure accuracy.

4. Completing the GST Return (Form GST F5):

Reporting Sales and Purchases: Report the total value of taxable and exempt supplies (sales) and allowable expenses (purchases).

Calculating Net GST Payable or Refundable: Deduct the total input tax from the total output tax to determine the net GST payable to IRAS or the amount claimable as a refund.

Declaration: The person responsible for filing the GST return must declare that the information provided is accurate.

5. E-Filing GST Returns:

myTax Portal: GST returns are filed electronically through the myTax Portal. E-filing is more efficient and reduces errors.

Submission Deadline: GST returns and payments are due one month after the end of the accounting period (quarter).

6. Payment of GST:

If the output tax exceeds the input tax, the business must pay the difference to IRAS by the filing deadline.

Payment can be made via various methods including GIRO, internet banking, or at any Singapore Post Office.

7. GST Refunds:

If the input tax exceeds the output tax, the business can claim a refund from IRAS, which is typically processed within a few weeks after the GST return submission.

8. Record Retention:

Businesses must keep their GST records for at least five years in case of any future audits by IRAS.