Goods & Services Tax (GST) Consultancy Services
Our team of seasoned professionals brings years of experience and expertise in GST compliance and advisory. Whether you are a small start-up or a larger corporation, we tailor our services to meet your specific needs, ensuring compliance while maximising your tax efficiency. From GST registration and filing to strategic planning and risk assessment, we provide end-to-end GST consultancy services that alleviate the burden of GST compliance, allowing you to focus on what matters most – growing your business. Our services include:
- Application for Goods & Services Tax (GST) registration
- Application for exemption from GST registration
- Preparation, review and submission of GST returns
- Goods & Services Tax (GST) review and consultation
- Assistance in responding to GST audits and queries by IRAS
- Major Exporter Scheme (MES) application, review and consultation
- De-registration as GST trader
Guide to GST Registration Check
In Singapore, the Goods and Services Tax (GST) is a tax levied on most goods and services supplied in Singapore or purchased from overseas and consumed domestically. Understanding your GST registration obligations is crucial for businesses operating in Singapore to avoid penalties which can be substantial.
- Businesses must register for GST if their annual taxable supplies exceed or are expected to exceed S$1 million per year or next 12 months, depending on the criteria. They must also register for GST if their imported services exceed S$1 million per year Overseas businesses supplying remote services are also required to register for GST in Singapore if certain thresholds are exceeded
- Even if your annual supplies do not exceed S$1 million, you can opt for voluntary GST registration. This may be beneficial if you want to claim input tax credits on your business expenses.
- If you are unsure of your liability for GST registration, it is best to seek the advice of an appropriately qualified GST consultant.
- If you do not have a GST consultant, the Inland Revenue Authority of Singapore (IRAS) provides an online GST registration calculator to help businesses determine their registration liability. This tool allows you to input your past and projected turnover (or taxable supplies) to assess your GST registration status.
- Upon completing the registration check, IRAS will provide you with an assessment of your GST registration liability. If you are liable for registration, you must notify the Comptroller of GST (IRAS) within 30 days.
- If you are required to register for GST, you can do so online via the IRAS website. Prepare the necessary documents, including business particulars, financial statements, and supporting documents for your turnover or taxable supplies calculation.
- Once your registration is approved, you will receive a GST registration notification from IRAS. This will include your GST registration number and effective date of registration.
- After registering for GST, you must comply with various reporting and filing requirements, including submitting GST returns and making payment of GST due to IRAS on time.
GST Tax Review Services
Ensuring compliance with Goods and Services Tax (GST) regulations is critical for businesses operating in Singapore. However, navigating the GST laws and regulations can be challenging. That’s where our GST Tax Review Services come in.
- We stay updated with the latest legislative changes to provide accurate and reliable advice to our clients.
- We review your GST treatment and reporting including input tax claims and output tax reporting to identify any potential issues or areas for improvement.
- We identify potential risks of non-compliance and help mitigate them proactively.
- Our GST tax review services include clear and transparent reporting of the issues noted together with our findings, recommendations, and recommended action plans.
Liability for GST registration in Singapore
When is a person (individual or company) required to register for GST?
Missing Trader Fraud (MTF) Arrangements
GST ASK Annual Review Services
GST Assisted Self-help Kit (ASK) Annual Review [required for application or renewal of certain GST schemes including Major Exporter Scheme (MES) ].
To be accepted for application or renewal of GST schemes, the GST ASK Annual Review must either be performed or certified by an individual accredited with Singapore Institute of Accredited Tax Professionals (“SIATP”) as Accredited Tax Advisor (GST) [ ATA (GST) ] or Accredited Tax Practitioner (GST) [ ATP (GST) ]. The ATA or ATP can be an external party.
For information on getting ready for GST ASK Annual Review, see “Getting Ready for ASK Review” under our Publications.
We provide ASK review services to help companies and business comply with the requirements set out in the GST ASK Annual Review Guide issued by the Inland Revenue Authority of Singapore (IRAS). We also provide services to review your quarterly or monthly GST returns for accuracy and errors before your submission to the Comptroller of GST.
Frequently Asked Questions About GST Consultancy Services
How can GST consultancy services help my business?
GST consultancy services can help your business in various ways, including ensuring compliance with GST regulations, minimising the risk of penalties for non-compliance, providing advice on complex GST issues, and streamlining your GST processes for efficiency where possible.
Do I need to register for GST in Singapore?
If your business’s annual taxable supplies exceed or are expected to exceed S$1 million, or if your imported services exceed S$1 million in a year, you are required to register for GST in Singapore. However, even if your supplies or imported services are below this threshold, you may still choose to register voluntarily to claim input tax credits on your business expenses.
How do I know if my business is GST-compliant?
Determine if your business is required to register for Goods and Services Tax (GST) based on your taxable supplies. If your business meets the registration criteria, you need to register for GST with the Inland Revenue Authority of Singapore (IRAS). Then, make sure you are filing your GST returns on time.
Engaging a GST consultancy firm can help you assess your business’s GST compliance status. They will conduct a thorough review of your GST processes, transactions, and filings to identify any areas of non-compliance and provide recommendations for remediation.
