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On 1st of April, 1994, Singapore established the GST (Goods and Services Tax). The GST Act is based on the VAT legislation in the United Kingdom and the GST legislation in New Zealand. For the government, it is usually seen as a mechanism for reducing personal and corporate income tax rates and at the same time maintaining a steady revenue base.
As it imposes a levy on spending, it is an indirect tax. At the moment, the rate is fixed at 7%. Morrison Management can help your business to do tax filing in a proper manner.
What is GST?
The Products and Services Tax, also known as Value Added Tax (VAT) in many other countries, is a consumption tax charged on the provision of commodities and services in Singapore, and also the import of various goods into Singapore.
GST is considered as an indirect tax, which is applied to the selling price of any goods and services delivered by any registered business entities present in Singapore and is stated as a percentage, which is currently 7%. It is a tax that is levied on the final consumer, and hence it is not a cost to the business.
Businesses just serve as collection agents for the Singapore tax authority if you get what we mean.
How to file GST?
Those businesses that are already GST-registered should file their returns using myTax Portal and then pay IRAS within the due date. You must use “Singpass” instead of “Corppass” to log in to government digital services for businesses (G2B) starting April 11, 2021.
Working out GST can be simple maths. It can be a little tricky to keep track of your entire transaction.
- Step 1: GST Filing authorisation for users
If you are filing for the first time your GST return, or if the person(s) who is filing returns has changed, then this step is essential. Otherwise, you can directly move to Step 2.
Your firm must authorise the individual filing the GST return to use the GST (Filing and Applications) e-Service through the corporate pass. If a third party (such as a tax agent) submits tax returns on your behalf, the third party must be authorised to do so in the corporate pass.
- Step 2: You must file your GST return on the myTax Portal
Use your SingPass to log in to myTax Portal under “Business Tax Matters” to file your organization’s tax return once you’ve been approved for tax filing.
- Step 3: Save your acknowledgement page copy and make payment
An acknowledgement page will appear once you successfully file your GST return. The acknowledgement page includes a summary of the figures you submitted as well as directions for making the payment, if it is due.
Keep a copy of the acknowledgement page and pay any payable by the deadline.
GST guide for business
Are you making your start with GST? It is a little extra administration and with the info provided, it will help you to get sorted all the problems.
Registering for GST
First, know whether your business will need to register for GST. In case it is needed then learn how you can do it and then find out what will happen next.
Calculating GST and also issuing tax invoices
If you are involved in a registered business, then you have to add Goods & Service tax to all your prices. You must also issue tax invoices.
Working out all your GST refund or payment
As mentioned before, working out taxes can be simple maths. You need to keep track of entire transactions, which is a little bit of a tricky process. You need to learn this process.
Claiming back GST
All registered businesses are able to get back the tax that they pay on their business expenses.
GST returns and their due dates
All GST-registered businesses have to declare how much they have collected so far and paid. You can do this by filing your GST returns.
Tools and guides available for your business
After you know all the details about GST, for many of you it can still be quite tough to keep track of everything as a businessman. Therefore, it will be a good idea to hire an external consultant service like Morrison Management.
Other e-Services
In addition to filing your GST return, many other useful e-Services can also be done on myTax Portal. You may refer to the webpage of IRAS on GST e-Services to get more information. For more information on GST filing in Singapore, you can check out https://www.morrisonconsultants.com.sg/gst-filing.
