GST Services

GST registration

Goods and Services Tax (GST) is a consumption tax levied on goods or services consumed in Singapore. In other countries, GST is known as the Value-Added Tax (VAT).The current  prevailing rate of GST is 7%.

GST Registration

A business must register for GST when:

  • Your taxable turnover for the past 12 months is more than $1 million; or
  • You can reasonably expect your taxable turnover in the next 12 months to be more than S$1 million.

Even without S$ 1 million, a business can still voluntarily register for GST subject to IRAS approval.

GST Registered Business

GST Registered Business must charge GST on taxable supplies. This GST charged and collected is known as Output Tax. The GST incurred on business expenses and purchases are known as Input Tax. Input Tax is claimable subject to claiming conditions.

GST Submission | GST Filing

As a GST-registered business:

  1. GST return must be submitted to IRAS one month after the end of each prescribed accounting period. This is usually done on a quarterly basis.
  2. Both output tax and input tax should be reported in the GST return.
  3. The difference between output tax and input tax is the net GST payable to IRAS or refunded by IRAS.

AG’s GST Services

We are Accredited Tax Practitioners (GST) registered with Singapore Institute of Accredited Tax Professional (SIATP). Our GST services include:

  • Renewal of Major Export Scheme
  • GST registration
  • GST bookkeeping
  • GST return filing to IRAS
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