GST & Taxes: Stay Legal, Stay Ahead

Handling taxes doesn’t have to be a headache. We help you nail your tax obligations and make sure you’re always ready for the latest GST rules.

GST Basics for Singapore Businesses

In Singapore, GST is basically a tax on most things you buy or sell. Right now, the rate is 9%. Whether you’re importing goods or providing services, you need to be on top of these numbers to keep your business running smoothly.

When is GST Registration Required?

In Singapore, monitoring your revenue is a critical legal responsibility. You must register for GST if:

Mandatory Registration

Strategic Voluntary Registration

If your turnover is below the S$1 million threshold, you may still choose to register voluntarily. This can be a strategic move to:

How SBC Helps You Stay Compliant

GST registration is a long-term commitment (minimum 2 years for voluntary registrants). Our team ensures you handle it correctly from day one

1. Eligibility Assessment

We analyse your revenue and supplier profiles to determine if registration is beneficial.

2. Seamless Application

We manage the entire registration process with IRAS.

3. Ongoing Filing

We handle your quarterly GST F5 filings and ensure your records meet the statutory 7-year retention rule.

GST Packages

GST Account Registration

Leadtime: 30 business days

SGD 1,000

What Do I Get

Mandatory & Voluntary Assessment
IRAS Application Management

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Filing of GST Return /per quarter

Leadtime: 3 business days

SGD 500

Billed quarterly

What Do I Get

Computation of Input & Output Tax
Filing the GST F5 return
Tax Invoice Review

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Frequently Asked Questions

When does a Singapore company have to register for GST?

You must register for GST when your taxable turnover exceeds SGD 1 million. This applies on two bases: retrospective — if your taxable turnover crossed SGD 1 million at the end of any calendar year, you have 30 days to apply — and prospective — if you have reasonable grounds to expect turnover will cross SGD 1 million in the next 12 months, for example after signing a large contract.

What is the current GST rate in Singapore?

The current rate is 9%, effective from 1 January 2024. The rate increased in two steps from 7% (until end-2022) to 8% (from 1 January 2023) to the current 9%. Most goods and services supplied in Singapore are charged at this rate. Exports are zero-rated. Most financial services are exempt.

How often do I need to file GST returns?

Most GST-registered businesses file the F5 return quarterly. The return is due on the last day of the month following the prescribed accounting period — for example, the return for the January-to-March quarter is due 30 April. Monthly or 6-monthly filing is possible by special request to IRAS. Late filing carries penalties starting at SGD 200 plus 5% monthly interest on tax owed.

Should I register for GST voluntarily if I'm below the threshold?

Voluntary registration makes sense in two situations: when you make zero-rated supplies (like exports) and want to claim input GST refunds, or when you regularly make large purchases from GST-registered suppliers. The trade-off is a 2-year minimum commitment — you cannot deregister before then — plus the administrative work of quarterly F5 filings and updates to your billing system.

What happens if I file my GST return late?

IRAS charges a late submission penalty starting at SGD 200 per F5 return, with 5% monthly interest on any unpaid tax. Continued non-filing can lead to estimated assessments, where IRAS calculates your liability and imposes payment based on its own estimate. The estimate is usually higher than the actual position, so timely filing is materially cheaper than late filing.

How long do I keep my GST records?

5 years from the end of the prescribed accounting period — set under section 46 of the GST Act. This covers tax invoices, credit notes, receipts, import permits, and the computations behind each F5 return. The 5-year clock applies even to inactive or deregistered businesses for transactions made while registered.

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SOLUTION DRIVEN

Practical solutions for every business challenge, supported by step by step guidance and trusted business banking referrals.

FULLY COMPLIANT

Our in house professionals ensure full compliance with local laws across jurisdictions, supported by in house systems and timely statutory deadline reminders.

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