Practical Things Every Business in Singapore Should Know About Goods and Service Tax
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SBS
Mar 1, 2015, 4:00:05 PM3/1/15
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Article Title: Practical Things Every Business in Singapore Should Know About Goods and Service Tax
Author: SBS
Word Count: 734
Article URL: http://www.isnare.com/?aid=1927688&ca=Business
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=1927688
Easy Publish Tool: http://www.isnare.com/html.php?aid=1927688
*********************** ARTICLE START ***********************
An Overview of Goods and Service Tax in Singapore
In Europe, you will find VAT (Value Added Tax) structure, but in Singapore, you will come across much compatible and friendlier GST (Goods and Service Tax). As of now, GST is imposed on almost all the goods and services rendered in Singapore as well as on the imported goods into Singapore.
In simple terms, if a taxable person offers goods and services, then he/she is liable to pay GST and any person importing goods in Singapore is liable to pay the required GST. The GST is broadly divided into three categories of goods and services
1) Standard Rated Items (Including commercial property transactions) 7% GST is taxable
2) Zero Rated goods for export and international services
3) Exempt items, as if, sale and lease of residential land or provision of transaction of Asian Ca Currency Unit transactions, life insurances and interest charges
When most of the domestic good and service supplies are considered standard rated, exported goods and international services are considered as Zero Rated under Singapore GST. Although zero-rated goods and services are allowed to obtain or ask for a refund on GST paid during their purchases.
According to IRAS, companies already have crossed S$1 million turnover in the past 12 months. In addition to that, new businesses confident enough to increase their turnover above S$ 1 million in next 12 months, are entitled to opt for GST Filing Singapore as per compliance norms.
Procedure for GST Registration
Private or sole proprietorship firms should opt for a Singapore Goods and Services Registration Form No 1. Then attach all the supporting documents, mentioned in the form. Lastly, send it to the Tax Authority of Singapore. Having done this, you become a GST registered business entity. On the other hand, partnership along with GST Form1 should opt for GST Form2, which is provided to furnish the details of all the partners in the company.
For group registration, divisional registration and overseas companies, there is a different procedure and the different set of forms to be fulfilled for GST registration.
Usually, overseas registrants are mandatory to seek assistance from the local GST Filing firm or agent in Singapore on their behalf, ensuring to attach a letter with the form stating the same.
It takes about three weeks to complete the entire GST registration process. Upon successful registration, businesses receive a GST Registration Letter. This letter will contain GST number, filing frequency for the registered business, due dates for GST Quarterly Filing and any other instructions if any. Make sure you prefer electronic GST Filing, whenever you are filing or paying your GST Returns.
Filing GST Returns
Every registered GST business depending on their accounting cycle (normally on a quarterly basis), has to submit a return, GST Form5, to the respected Tax Authorities in Singapore. In this return form GST registered businesses will need to mention the predicted value of the local sales, purchases and exports from the GST bound entities. Al these should be within the parameters of GST claimed, as well as GST collected for the specific accounting period.
These days Singapore government motivates electronic GST Quarterly Filing from all the GST registrants. Therefore, once if you submit your GST F5 online, then from next time onwards your GST filing will be made online at the end of each year’s accounting cycle.
Even after the end date of the accounting period, you are allowed to e-file GST F5 one day later. Just make sure IRAS receives your GST returns in not more than a month after the end of the prescribed period of your accounting cycle.
Submit a ‘NIL’ returns if your business does not have any due taxes in said period. Irrespective of whether your GST is refundable or payable, harsh penalties will be imposed on the businesses failing to File GST return within the prescribed date.
It is better to pay the entire GST within one month after the end of your accounting cycle. Failure to comply with this one-month extension will make you liable for penalties by IRAS. Lastly, the GST refund requires not more than 30 days for complete reimbursement from the date of receipt of return.
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
SBS
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=1927688
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=1927688
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Practical Things Every Business in Singapore Should Know About Goods and Service Tax
Author: SBS
Word Count: 734
Article URL: http://www.isnare.com/?aid=1927688&ca=Business
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=1927688
Easy Publish Tool: http://www.isnare.com/html.php?aid=1927688
*********************** ARTICLE START ***********************
An Overview of Goods and Service Tax in Singapore
In Europe, you will find VAT (Value Added Tax) structure, but in Singapore, you will come across much compatible and friendlier GST (Goods and Service Tax). As of now, GST is imposed on almost all the goods and services rendered in Singapore as well as on the imported goods into Singapore.
In simple terms, if a taxable person offers goods and services, then he/she is liable to pay GST and any person importing goods in Singapore is liable to pay the required GST. The GST is broadly divided into three categories of goods and services
1) Standard Rated Items (Including commercial property transactions) 7% GST is taxable
2) Zero Rated goods for export and international services
3) Exempt items, as if, sale and lease of residential land or provision of transaction of Asian Ca Currency Unit transactions, life insurances and interest charges
When most of the domestic good and service supplies are considered standard rated, exported goods and international services are considered as Zero Rated under Singapore GST. Although zero-rated goods and services are allowed to obtain or ask for a refund on GST paid during their purchases.
According to IRAS, companies already have crossed S$1 million turnover in the past 12 months. In addition to that, new businesses confident enough to increase their turnover above S$ 1 million in next 12 months, are entitled to opt for GST Filing Singapore as per compliance norms.
Procedure for GST Registration
Private or sole proprietorship firms should opt for a Singapore Goods and Services Registration Form No 1. Then attach all the supporting documents, mentioned in the form. Lastly, send it to the Tax Authority of Singapore. Having done this, you become a GST registered business entity. On the other hand, partnership along with GST Form1 should opt for GST Form2, which is provided to furnish the details of all the partners in the company.
For group registration, divisional registration and overseas companies, there is a different procedure and the different set of forms to be fulfilled for GST registration.
Usually, overseas registrants are mandatory to seek assistance from the local GST Filing firm or agent in Singapore on their behalf, ensuring to attach a letter with the form stating the same.
It takes about three weeks to complete the entire GST registration process. Upon successful registration, businesses receive a GST Registration Letter. This letter will contain GST number, filing frequency for the registered business, due dates for GST Quarterly Filing and any other instructions if any. Make sure you prefer electronic GST Filing, whenever you are filing or paying your GST Returns.
Filing GST Returns
Every registered GST business depending on their accounting cycle (normally on a quarterly basis), has to submit a return, GST Form5, to the respected Tax Authorities in Singapore. In this return form GST registered businesses will need to mention the predicted value of the local sales, purchases and exports from the GST bound entities. Al these should be within the parameters of GST claimed, as well as GST collected for the specific accounting period.
These days Singapore government motivates electronic GST Quarterly Filing from all the GST registrants. Therefore, once if you submit your GST F5 online, then from next time onwards your GST filing will be made online at the end of each year’s accounting cycle.
Even after the end date of the accounting period, you are allowed to e-file GST F5 one day later. Just make sure IRAS receives your GST returns in not more than a month after the end of the prescribed period of your accounting cycle.
Submit a ‘NIL’ returns if your business does not have any due taxes in said period. Irrespective of whether your GST is refundable or payable, harsh penalties will be imposed on the businesses failing to File GST return within the prescribed date.
It is better to pay the entire GST within one month after the end of your accounting cycle. Failure to comply with this one-month extension will make you liable for penalties by IRAS. Lastly, the GST refund requires not more than 30 days for complete reimbursement from the date of receipt of return.
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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