Filing GST Returns

Filing GST Returns in Singapore

Who Needs to File: Businesses in Singapore must register for GST if their annual taxable turnover exceeds SGD 1 million. Once registered, they are required to file GST returns.

Filing Frequency: Typically, GST-registered businesses in Singapore file their GST returns quarterly. However, some businesses may be allowed or required to file on a different frequency.

Filing Process

e-Filing: GST returns in Singapore are filed electronically through the Inland Revenue Authority of Singapore’s (IRAS) myTax Portal.

Businesses need to report their total sales, GST collected (output tax), and GST incurred on business purchases (input tax).

The net GST amount (output tax minus input tax) is the amount payable to IRAS, or the amount to be claimed if input tax exceeds output tax.

Deadlines: GST returns must be filed within one month from the end of the accounting period. Late filing can result in penalties.

Record Keeping: Businesses are required to keep records for at least five years for auditing purposes.

Exceptions: When GST Filing is Not Required in Singapore

Turnover Below Threshold: Businesses with a taxable turnover of less than SGD 1 million are not required to register for GST and hence are exempt from filing GST returns. However, they can choose to register voluntarily.

Exempt Supplies: If a business only supplies goods and services that are exempt from GST (e.g., financial services and residential properties), it is not required to register for GST.

Zero-Rated Supplies: Businesses that mainly make zero-rated supplies (e.g., international services and export of goods) may apply for exemption from GST registration even if their turnover exceeds SGD 1 million.

De-registration: If a business has ceased or is not making taxable supplies, it can apply for GST de-registration and will no longer need to file GST returns once de-registered.

Reliefs and Schemes: Special relief schemes or exemptions may apply to certain types of businesses or in special circumstances, altering their GST filing requirements.