Goods & Services Tax (GST)

 The Goods and Services Tax (GST), similar to the Value Added Tax (VAT) in several countries, is a consumption tax applicable to the majority of domestic goods and services. Currently set at 9% in Singapore, GST exemptions extend to the sale and lease of residential properties and the majority of financial services. Notably, GST is not levied on the export of goods and international services. Suppliers of domestic goods and services, registered with the Comptroller of GST, are responsible for collecting GST. Conversely, for the import of goods, GST is collected by Singapore Customs at the point of entry into Singapore. 

Suppliers of goods and/or services with an annual revenue exceeding or anticipated to exceed S$1 million are mandated to register with the Comptroller of GST. On the other hand, suppliers generating revenue below S$1 million may opt for voluntary registration if it proves advantageous for the business. The approval for voluntary registrations lies within the discretion of the Comptroller. Upon voluntary registration, the supplier must adhere to regulatory requirements and maintain registration for a minimum period of two years. 

T RAVI PRACTICE PAC offers a GST service that helps ease the process of filing and complying with statutory requirements. Our accounts consultants can help you with the following: 

We will register for GST on your behalf with Inland Revenue Authority of Singapore (IRAS) and follow up with all queries regarding the registration. 

 We provide an evaluation to gauge the implications of GST registration on your company and clients. Following the assessment, we offer guidance on the most effective GST filing cycle tailored to your company's needs, with options ranging from monthly, quarterly to biannual filing.

Our services encompass advice on compliance matters, along with insights into any government incentives available for voluntary registration.