GST Submission

The Goods and Services Tax (GST) is a consumption tax applied to all products and services in Singapore, including any imports and it’s currently at 7%.

Companies sometimes require assistance in completing the necessary procedures related to the registration, collection, and filing of GST, and would hence engage GST submission services!

GST Submission

The Goods and Services Tax (GST) is a consumption tax applied to all products and services in Singapore, including any imports and it’s currently at 7%.

Companies sometimes require assistance in completing the necessary procedures related to the registration, collection, and filing of GST, and would hence engage GST submission services!

GST Registration

Types of registration

Compulsory Registration

You must register for GST if you’re selling taxable goods and services with: 

  • an annual turnover exceeding SGD$1 million in the past 12 months, or
  • a reasonable expectation of your taxable turnover to exceed SGD$1 million in the next 12 months

Voluntary Registration

You may choose to apply for GST registration voluntarily if your company has sales that are:

  • mainly taxable goods,
  • out-of-scope goods (sales of goods that didn’t enter Singapore and goods in transit),
  • exempt supplies of financial services, or
  • you’ve purchased services from overseas vendors and the input tax credit on these purchases are not claimable.

Process

Step 1: Submit an application for GST registration with Inland Revenue Authority of Singapore (IRAS)

For those who intend to do a voluntary registration, you must first complete two e-learning courses on GST. 

Otherwise, you may proceed to submit your application via either one of these methods:

  1. Online submission through myTax Portal
  2. Paper submission sent to the following address: 55 Newton Road, Revenue House, Singapore 307987

Note that you’re not allowed to charge GST until you’ve received approval from IRAS.

Step 1: Submit an application for GST registration with Inland Revenue Authority of Singapore (IRAS)

For those who intend to do a voluntary registration, you must first complete two e-learning courses on GST. 

Otherwise, you may proceed to submit your application via either one of these methods:

  1. Online submission through myTax Portal
  2. Paper submission sent to the following address: 55 Newton Road, Revenue House, Singapore 307987

Note that you’re not allowed to charge GST until you’ve received approval from IRAS.

Step 2: Receive the notification of effective date of registration from IRAS

Once approved, you’ll receive a confirmation letter from IRAS, confirming that your company is registered for GST. The letter will include the following information:

  • company’s GST Registration Number
  • company’s effective date of GST registration

On the effective date of GST registration, you must start charging and collecting GST.

Once registered, you must remain registered for a minimum period of 2 years before applying for a cancellation.

Filing GST Tax Returns

You’re required to file your GST returns electronically through myTax Portal either on a monthly or quarterly basis.

When filing an F5 return, you should include this information:

  • Total value of your sales (both international and local sales)
  • Value of exports and purchases from GST registered companies
  • Input and output tax

You should file a nil return even if there are no GST transactions during the accounting period.

Identify opportunities for improvement

An audit of a company’s operations can help to identify key areas of improvement. This can include aspects such as its internal controls and even culture.

Subsequently, working on these areas drives greater efficiency within the firm.

Identify opportunities for improvement

An audit of a company’s operations can help to identify key areas of improvement. This can include aspects such as its internal controls and even culture.

Subsequently, working on these areas drives greater efficiency within the firm.

Computing input and output tax

Our team at Podwerx are passionate about what we do. Thus, we will do our best to assist you with all your auditing needs.

 Input taxOutput tax
What it isGST paid on purchases from suppliers or on imported goodsGST collected from your customers

You’re required to pay the net GST to IRAS within one month after filing the GST tax returns. However, if your input tax is greater than the output tax, you’d receive a refund from IRAS

Benefits of engaging GST submission services

Ease of completion for GST returns

Engaging GST submission services can ensure accurate calculation of your input and output tax along with the net GST payable. 

Here at Podwerx, our professionals will assist to e-file your GST submission and schedule for the necessary GIRO payment to IRAS.

Staying compliant at all times

Other than charging and filing of GST, there are also several regulations you must follow, such as:

  • Showing and quoting GST-inclusive prices on all products and their advertisements
  • Issuing tax invoices to GST-registered customer entities
  • Keeping records of all business transactions that affect your GST declaration

Engaging GST submission services can guide you on the right business processes and ensure your company remains up-to-date with any changes in the law.

Staying compliant at all times

Other than charging and filing of GST, there are also several regulations you must follow, such as:

  • Showing and quoting GST-inclusive prices on all products and their advertisements
  • Issuing tax invoices to GST-registered customer entities
  • Keeping records of all business transactions that affect your GST declaration

Engaging GST submission services can guide you on the right business processes and ensure your company remains up-to-date with any changes in the law.

Avoid penalties

When a business does not file its GST return by the due date, IRAS may follow up with these actions: 

  • Issue an estimated Notice of Assessment (NOA) and enforce a 5% late payment penalty on the estimated tax
  • Summon the business owner to Court and/or issue a warrant of arrest 

You can avoid all these penalties by engaging Podwerx to take care of your GST matters.

GST Submission Service Plans by Podwerx

GST Submissions

$450

onwards per submission

Why choose Podwerx?

Comprehensive range of accounting services

We provide a comprehensive range of accounting services to meet the needs of all clients, regardless of the size of your company.

Other than GST submission services, you may also consider engaging us for our bookkeeping services to streamline your operations and ensure neat financial records.

Comprehensive range of accounting services

We provide a comprehensive range of accounting services to meet the needs of all clients, regardless of the size of your company.

Other than GST submission services, you may also consider engaging us for our bookkeeping services to streamline your operations and ensure neat financial records.

Reliable team of professionals

We have a team of experienced accountants who are familiar with the financial regulations and the Singapore Accounting Standards. 

You can gain peace of mind as we’ll prepare and compile your accounts in accordance with the requirements of IRAS.

FAQs

What are the documents required for GST submission services?

You’re required to present your monthly bank statements, sales invoices, payment vouchers, cash/cheque deposits, purchase invoices, and salary details for the submission period. 

You should also provide the estimated annual sales turnover of your company along with the GST approval letter. This will allow us to advise you on your optimal GST filing cycles and perform the GST filing as per statutory requirements.

How do I submit GST in Singapore?

GST-registered businesses are required to file their GST returns through myTax Portal and make payment to IRAS by the due date. 

It’s a simple 3-step process where you’ll be required to:

    1. Authorize users for GST filing
    2. File your GST return on the myTax portal
    3. Save a copy of the acknowledgment page and make payment

When is the deadline for GST submission?

Both GST returns and payment are due one month after the end of the accounting period, which is typically computed on a quarterly basis. 

If you’re on a GIRO plan for GST payment, GIRO deductions are on the 15th day of the month after the payment due date. You may refer to the table below for an example:

 

Without GIRO plan

With GIRO plan for GST payment

GST Accounting Period

Filing and payment due date

Filing due date

GIRO deduction date

Jan - Mar

30 Apr

30 Apr

15 May