To register for Goods and Services Tax (GST) in Singapore, you need to follow the steps outlined below:
Determine Your GST Registration Obligation:
- Mandatory Registration: If your business has an annual taxable turnover exceeding SGD 1 million, or you expect your turnover to exceed SGD 1 million in the next 12 months, you are required to register for GST.
- Voluntary Registration: If your business has a taxable turnover of less than SGD 1 million, you can choose to register for GST voluntarily.
Gather Required Information:
Before starting the registration process, ensure you have the following information ready:
- Business and contact details (e.g., business name, UEN or NRIC/FIN, address, contact information).
- Financial information, including estimated turnover and expected taxable turnover.
- Bank account details for GST refunds.
Register Online:
- Visit the Inland Revenue Authority of Singapore (IRAS) website at www.iras.gov.sg.
- Log in to myTax Portal using your CorpPass or SingPass credentials.
- Access the GST registration application form.
- Fill in the required information accurately and completely.
- Submit the application electronically.
Await IRAS Approval:
- After submitting the application, IRAS will review the information provided.
- If there are no issues with the application, IRAS will typically approve the registration within one month.
- You will receive a notification from IRAS regarding the outcome of your application.
Receive GST Registration Notification:
- Once your GST registration is approved, you will receive a GST registration notification from IRAS.
- The notification will contain your GST registration number and effective date of registration.
Start Charging and Collecting GST:
- Following the effective date of registration, you are required to start charging and collecting GST from your customers for taxable supplies.
- Ensure that you issue tax invoices or simplified tax invoices as per the GST regulations.
Comply with GST Filing and Payment Requirements:
- As a registered GST taxpayer, you must file GST returns regularly (monthly, quarterly, or annually) based on the filing frequency assigned by IRAS.
- Declare your output tax (GST collected) and input tax (GST paid on business expenses) in the GST return.
- Pay any GST liability to IRAS by the due date specified.
It is essential to familiarize yourself with the GST rules and regulations and seek professional advice if needed to ensure compliance with the requirements. The IRAS website provides comprehensive information, guidelines, and resources to assist businesses in understanding and fulfilling their GST obligations in Singapore.