Goods and Services Tax (GST) in Singapore is the tax for local goods, as well as imported items to the country. In other regions, it is commonly known as VAT or Value Added Tax. The current GST rate in Singapore is seven percent. Exempted here are sales and leases of residential properties and the provision of most financial services.
In Singapore, companies are mandated to register for GST provided that their current and expected annual revenue exceeds S$1 million. If your business does not exceed the required annual revenue, we may still voluntarily register on your behalf for GST. This will be reviewed by the IRAS Comptroller and will be subject for approval. Once approved, your must be registered for a period of 24 months.
Businesses who were able to successfully register must charge GST on their supplies using the current rate. This is known as output tax and must be collected and paid to IRAS.
All the GST incurred for your business purchases is known as the input tax and can be claimed provided that your business satisfies all requirements.
Here at Aura Partners Singapore, we provide extensive consultancy and services for GST Registration and Filing across various businesses. Filing of GST can be made either monthly, quarterly, or annually depending on the needs. These services are offered for both local and foreign businesses at very reasonable rates.
