How can Companies do GST Registration in Singapore?

1
(No Transcript)
2
How can Companies do GST Registration in
Singapore?
Bestar Services Pte. Ltd
3
How can Companies do GST Registration in
Singapore?
Tax Planning While Being In Singapore

• Goods and Services Tax (GST) was introduced in
  Singapore in 1994. Since then, businesses tend to
  apply for GST registration whenever it adds to
  the value of goods or services provided by them.
  As a result, it helps them to keep a record of
  their financial transactions. There is a criteria
  that needs to be followed in order to do a GST
  registration. At Bestar, well help your company
  not only in registering a company in Singapore
  but simultaneously walk you through the whole GST
  registration as well.

4
How can Companies do GST Registration in
Singapore?
Tax Planning While Being In Singapore
What exactly is GST?

• Goods and Services Tax is a form of indirect tax
  that is applicable on most of the goods and
  services utilised for domestic purposes. GST is
  also known as Value Added Tax (VAT). This GST is
  levied to the end part of the cycle that is onto
  the customers. Even though the customers tend to
  pay for the GST, the businesses have to hand it
  over to the government. As a result, this GST
  collection acts as a revenue generation for the
  government.

5
How can Companies do GST Registration in
Singapore?
Tax Planning While Being In Singapore
When is GST applicable in Singapore?

• Inland Revenue Authority of Singapore (IRAS)
  mandates a GST registration in the following
  situations

• Supply of Goods and Services
• When the business or company supplies any goods
  or service, they are legally obliged to do it
  under a GST registered number only. In addition
  to that, this supply should be supported by a
  purpose for carrying out the business for a
  prolonged duration of time. Only the personal
  transactions of the business owner do not fall
  under the GST. Now, this due GST of the business
  should be timely filed as per the given due dates.

6
How can Companies do GST Registration in
Singapore?
Tax Planning While Being In Singapore

• Import of Goods and Services
• Any goods or services that are imported to
  Singapore have to undergo the current 7 GST
  charges. The import value is a cumulation of
  custom charges, insurance and freight charges.
  Singapore Customs Department is legally bound to
  suggest the required import charges. However,
  import and investment supply of certain precious
  metals is barred from GST. Statistics suggest
  that from January 1, 2023, the GST will be raised
  to 8 and the following year, January 1, 2024 it
  will be further increased to 9.

7
How can Companies do GST Registration in
Singapore?
Tax Planning While Being In Singapore
What are the two types of GST Registration?

1. Compulsory Registration

• The company with an annual turnover greater than
  S 1 million or who can forecast their revenue
  generation exceeding S 1 million has to file for
  a GST registration. This registration must be
  duly done in the time period of thirty days after
  the registration of the company is completed.
  However, if the business has a revenue generation
  of less than S 1 million then those companies
  have to go forth with anti-avoidance provisions
  to avoid any sort of penalties.

8
How can Companies do GST Registration in
Singapore?
Tax Planning While Being In Singapore
What are the two types of GST Registration?

1. Voluntary Registration

• Some companies voluntarily apply for GST
  registration right from the day they start their
  business without bothering about their annual
  revenue. As a result, these companies also
  benefit from the credit for their input tax.
  However, these companies are also legally bound
  to follow all GST regulations at least for the
  upcoming two years to come.

9
How can Companies do GST Registration in
Singapore?
Tax Planning While Being In Singapore
What are the necessities before going for a Goods
and Services Tax Registration?

• The key essentials that needs to be checked
  before doing a GST Registration in Singapore are
  given as under-

1. The company or business has to be officially
   registered by the ACRA
2. The company or business should have an existing
   bank account for all their financial
   transactions.
3. The business activities should have been defined
   in detail.
4. The company or business should do a
   cost-effective analysis in order to forecast
   revenue for the upcoming twelve months to come.
5. Assembling all the documents that may be required
   in relation to beginning with sales.
6. In order to go forth with compulsory
   registration, companies present revenue must have
   exceeded 1 million.

10
How can Companies do GST Registration in
Singapore?
Tax Planning While Being In Singapore
What is the process of GST Registration?

• Before initiating with the GST registration
  process, a company has to classify whether it
  will opt for a compulsory or voluntary
  registration. After the classification in terms
  of registration, E-Learning Courses are
  accessible for voluntary registration. This
  course must be taken by the company director,
  sole-proprietor, partner or trustee and must
  complete two e-learning courses thereby passing
  the quiz.
• The next step that the company or business needs
  to do is to assemble all the essential documents
  and submit them over myTax Portal or IRAS.
  Besides the essential documents a complete list
  of supporting documents too might be required for
  fulfilling the submission of the application. At
  Bestar, we will help you in accessing a complete
  list of subordinate documents as well so that our
  clients always have a hassle free Goods and
  Services Registration.

11
How can Companies do GST Registration in
Singapore?
Tax Planning While Being In Singapore
What is contained in the GST registration letter?

• When the GST application is completed all
  mandatory registrations are likely to receive
  their GST number within two business days.
  However, voluntary registrations take as long as
  ten business days to receive a GST registration
  number. When the business do receive the letter
  containing their GST registration details, it
  primarily contains the following things

12
How can Companies do GST Registration in
Singapore?
Tax Planning While Being In Singapore

• The GST Registration Number of the company
• The effective date since your business became a
  GST registered company
• The following due dates for the company to file
  the upcoming GST as well as others.

• Bestar offers a hand to businesses as well as
  companies for GST filing, procedure,
  applicability and schemes. At Bestar, our team of
  experts are all ears to your queries pertaining
  to GST registration. We want to ensure that our
  customers engage with the best Goods and Services
  Tax Registration Services provider in Singapore.
  Schedule a call now for all your GST related
  inquiries!

13
Follow us