What should your business consider?
Before you apply for GST Voluntary Registration, you should consider the following:
1. Does your business qualify for GST voluntary registration?
Your business should make one of the following supplies:-
a. Taxable supplies;
b. Out-of-scope supplies;
c. Financial services (exempt supplies), which are also international services.
2. Is your business able to meet the requirements for GST voluntary registration?
The company director or sole proprietor must complete the IRAS e-learning courses – “Registering for GST” and “Overview of GST” and pass the quiz.
The company director or sole proprietor need not attend the e-learning courses if the company director or sole proprietor is experienced in managing GST-registered businesses OR the person who prepares your business GST returns is an Accredited Tax Practitioners (ATP); Accredited Tax Advisers (ATA); or has completed the e-learning courses.
3. Do the benefits outweigh the costs?
a. Your company can claim GST expense incurred in conducting your business, subject to certain conditions in the GST Act.
b. You need not monitor your business for the SGD 1 million thresholds for compulsory GST registration.
c. Your company is required to remain as a GST-Registered Business for a minimum of two (2) years.
d. Your company must comply with the GST Act and fully met as a GST-Registered Business.
e. Your company should also consider the type of sales made, profile of customers and suppliers, and the full responsibilities of a GST-Registered Business.
Should you need assistance or would like to find out more about the GST compliance services in Singapore, please send us an enquiry so that our GST team can understand how we can help you to resolve your Singapore compliance concerns.
A member of the GST team will contact you to hear and discuss the matter.