2017-01-27

GST Rate

Current GST Rates The current GST rate in Singapore is 8%. GST-registered businesses are required to charge and account for GST at 8% on all sales of goods and services in Singapore unless the sale can be zero-rated or exempted under the GST law. Historical GST Rates GST was introduced in Singapore on 1 Apr 1994. Year GST Rate 1 Apr 1994 to 31 Dec 2002 3% 1 Jan 2003 to 31 Dec 2003 4% 1 Jan 2004 to 30 Jun 2007 5% 1 Jul 2007 to 31 Dec 2022 7% 1 Jan 2023 to 31 Dec 2023 8% 1 […]
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2018-02-14
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GST Application Process

GST Application Process Scope of the GST As a basic principle, sales of goods or services made by a business in the course or furtherance of its business are subject to GST at the standard rate of 7% unless the sale qualifies for zero-rating or is exempt from tax. The main tax exemptions are for financial services and residential sales or leases. The zero-rating applies to the international supply of services and the export of goods. When is GST paid? GST is payable when you purchase goods and services, and import goods into Singapore from a company that is GST […]
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2018-03-02
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GST Registered Company

GST Registered Company GST Registered Company With effect from 1 January 2019, your company should register for GST if its annual taxable turnover exceeds S $1 million during the 12-month period ending each calendar year. That is, your company must register for GST if it is determined that its taxable income will exceed S$1 million in the next 12 months. The projections must be supported by the following documents. Signed contracts or agreements Accepted quotations or confirmed purchase orders from customers Invoices to customers Past P&L statements showing annual turnover of nearly S $1 million for the past 12 months and […]
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2019-06-24
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Pay GST

Pay GST How to Pay GST GIRO is the preferred method of payment. GIRO Majority of taxpayers use GIRO for tax payment. Electronic Payment Modes PayNow QR New! Internet Banking Bill Payment Internet Banking for tax payment is made available by the following banks: BOC  CIMB  Citibank  DBS/POSB  HSBC  ICBC  MayBank  OCBC  RHB  Standard Chartered Bank  State Bank of India  UOB (BOC, CIMB, Citibank, ICBC, MayBank, RHB and State Bank of India are applicable for individual account holders only). DBS PayLah! Mobile App Pay your tax via DBS PayLah! Phone Banking Phone Banking service for DBS/POSB, OCBC and UOB account holders who have subscribed to this service. (DBS/POSB and OCBC are applicable for individual account holders only.) […]
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2019-09-23
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Who Needs To Pay GST

Who Needs To Pay GST When doing business in Singapore, it is important for companies to understand the Singapore Goods and Services Tax (GST). GST is also known as the value-added tax (VAT) in other countries, and is levied on the supply of goods and services in Singapore and the import of goods into Singapore. Businesses are required to submit quarterly GST returns to the Inland Revenue Authority of Singapore (IRAS). GST-registered companies in Singapore can engage in a variety of activities, both commercial and non-commercial in nature. A taxable person is not entitled to claim input tax credit in […]
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2019-10-03
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GST Computation

GST Computation How It Works Goods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT. GST exemptions apply to the provision of most financial services, the supply of digital payment tokens, the sale and lease of residential properties, and the importation and local supply of investment precious metals. Goods that are exported and international services are zero-rated. Taxable and Non-Taxable Goods and Services The table below lists […]
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2020-08-17
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GST Filing

GST Filing Completing GST Return Before Filing Your GST F5 Return The form GST F5 Return has fifteen boxes that you must fill. You can access your GST returns by logging in to myTax Portal. All figures reported in the GST Return must be in Singapore Currency. If you have transactions in foreign currency, please refer to Foreign currency transactions on how you should report them in Singapore currency. Even if you do not have any transactions during the prescribed accounting period, you are still required to e-File a nil return (i.e. fill in ‘0’ for all boxes). For more details, you may […]
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2020-08-17
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What is GST

What is GST The Goods and Services Tax or GST is a broad-based consumption tax that is levied on imported goods (collected by Singapore Customs) and on almost all supplies of goods and services in Singapore. In other countries, GST is known as Value Added Tax or VAT. GST exemptions apply to the provision of most financial services, the supply of digital payment tokens, the sale and rental of residential property, and the import and local supply of investment precious metals. The rate of tax on exported goods and international services is zero.   Businesses required to register for GST […]
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