GST Registration

Created by TeamScailable Support, Modified on Fri, 5 Jan, 2024 at 9:48 AM by TeamScailable Support

1. Mandatory GST Registration:

Threshold: Businesses must register for GST if their taxable turnover at the end of the calendar quarter (and the past three quarters) exceeds S$1 million. This is known as the retrospective basis.

Prospective Basis: Businesses must also register for GST if they expect their taxable turnover in the next 12 months to exceed S$1 million, based on a reasonable forecast.

2. Voluntary GST Registration:

Businesses with a taxable turnover that does not exceed S$1 million may choose to register for GST voluntarily.

Advantages: Voluntary registration allows businesses to claim GST incurred on their business expenses (input tax).

Conditions: Businesses that voluntarily register for GST must remain registered for at least two years and comply with all GST requirements, including filing GST returns.

3. Application Process:

e-Services: GST registration is typically done online via the Inland Revenue Authority of Singapore (IRAS) myTax Portal.

Documentation: The application must be accompanied by documents such as the Business Profile from ACRA, financial statements, and projected sales figures.

Security Deposit: IRAS may require a security deposit from certain applicants, especially those who voluntarily register for GST.

4. Effective Date of Registration:

The effective date of GST registration is determined by IRAS and will be communicated to the business upon successful registration.

5. Responsibilities Post-Registration:

Charging GST: Registered businesses must charge GST on their taxable supplies at the prevailing rate (currently 9%).

Filing GST Returns: Registered businesses must file GST returns, typically on a quarterly basis.

Record Keeping: Businesses must keep proper records of all transactions for at least five years in case of IRAS audits.

6. De-Registration from GST:

Eligibility: Businesses can apply for de-registration if their taxable turnover falls below S$1 million or if they cease making taxable supplies.

Process: De-registration is also done through the IRAS myTax Portal, and businesses must fulfill all outstanding GST obligations.