GST Setup and Declaration

GST Setup and Declaration

The Goods and Services Tax (GST) in Singapore is a tax on imported goods and all goods and services supplied in Singapore, equivalent to VAT in some countries, with the end consumer bearing the tax burden. Companies with an annual turnover of $1 million or more are required to register for GST. Taxpayers registered for GST are required to pay GST on the difference between the sales tax and input tax paid on the purchase of goods or services.

The GST rate in Singapore has been 7% since July 1, 2007. Sales and leasing of residential property, as well as most financial services, are exempt from GST. The GST export rate is 0%.

The Inland Revenue Authority of Singapore (IRAS) requires GST returns to be filed electronically through the IRAS website. Singapore GST (or GST for short) returns are usually filed quarterly and are due within one month of the end of each quarter. Taxpayers can also apply to the tax authorities for monthly or semi-monthly returns. Whether the return is filed on a monthly or semi-annual basis, it must be filed within one month after the end of the applicable period. Please contact us for specific filing information.