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Do I need to register GST for my business?

On top of our previous article, Business and Taxes in Singapore. What do I need to know?, we decided to help our busy readers who might be looking for specific information. In this post, we will provide a few quick notes about GST.

What is GST?

In the simplest understanding of GST, it is known as the Goods and Services Tax, which is the equivalent of Value Added Tax (VAT) in some countries.

Collected by Singapore Customs, GST is a tax imposed on two key things:

  • goods imported
  • nearly all supplies of goods and services in Singapore

Of course there are exemptions. Property agents do not have to worry about GST for the sale and lease of residential properties in Singapore. Professionals in the finance industry do not have to worry about GST for most financial services as well.

Is it compulsory for me to register for GST?

According to IRAS, is is if the taxable turnover of a business:

It is compulsory to register for GST if the taxable turnover of a business :

  • exceeds S$1 million in the past 4  quarters (ending March, June, September and December); or
  • is projected to exceed S$1 million in the next year.

Quick Guides to GST

Read more about the specific details of how GST works here.

If you are still wondering whether you have to register for GST, download the IRAS’ e-Tax Guide, Do I Need to Register?

For a handy GST reference, download this e-Tax Guide from IRAS, GST: General Guide for Businesses.

If you have more questions for your business accounts or taxes, you can drop us a message using the form below.

 

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