FAQ
- Retrospective view
- If the total value of all taxable supplies made in Singapore, at the end of any quarter* and the three quarters immediately before that, exceed $1million, a person is liable to register for GST within 30 days of the end of that quarter.
- Prospective view
- If there are reasonable grounds to believe that the total value of taxable supplies made in Singapore in the next 12 months will exceed S$1million, a person is liable to register for GST within 30 days of the end of that quarter.
- that you make or intend to make taxable supplies in the course or furtherance of your business.
- that you make only out-of-scope supplies.
- that you make exempt supplies of financial services that are also international services.
- e-File accurate GST returns in a timely manner
- You need to e-File your GST returns in a timely manner. You will have prescribed accounting periods of monthly, quarterly or half-yearly basis. GST returns must be e-Filed within one month after the end of each accounting period. If there is no transaction done, you are still required to submit a “NIL” GST return.
- You need to submit accurate GST returns. To do so, you need to be familiar with the GST rules relating to your business.
- Therefore, you may have to engage the required assistance for GST reporting (e.g. full-time accounting staff, computers) and put in place accounting and record-keeping systems (e.g. buy or make modifications to existing accounting system). You may also need to train your staff to ensure they perform the charging and claiming of GST correctly for your business transactions.
- Pay tax in a timely manner
- When GST charged on your sales is more than GST incurred on your purchases, you need to pay the difference within one month after the end of each prescribed accounting period.
- You will need to account for and pay GST to IRAS even if you receive payment from your customers after the end of the prescribed accounting period.
- Keep business and accounting records for 5 years
- Types of records to keep include:
- Tax invoices and receipts issued/ received
- Credit notes and debit notes
- Business contracts and agreements
- Tourist refund claim forms (if any)
- Import and export documents (e.g. permit, bill of lading, air waybill)
- Business and accounting records (e.g. general ledgers/ debtors, creditors ledgers, purchase orders, delivery notes, purchase and sales books, cash books, records of daily takings, stock records, bank statements, bank-in slips, relevant business correspondences, GST accounts and financial statements)
- Other documents supporting GST declaration
- Types of records to keep include:
- Change of price displays and invoices
- Any price displays, advertisements, publications or quotations in respect of goods or services made to the public must be inclusive of GST. You are required to reflect your GST registration number on all tax invoices, simplified tax invoices and receipts.
- Therefore, you may need to incur cost to re-print your price displays and tax invoices to reflect the changes.
- Assist in GST Audit
- As a GST-registered business, you are subject to audit. Audits can be via telephone interviews, arranged or surprise visits. In the course of audit, your GST refunds (if any) can be withheld. We can also request your suppliers or customers for confirmation of information furnished. Therefore, you need to consider the cost of time and work required in providing assistance.
- Accounting for GST On Business Assets At Point Of De-Registration
- In the event that your GST registration is cancelled, you need to account for GST on business assets held on the last day of registration if GST was previously claimed on these purchases. This applies when the total market value of these business assets is more than $10,000.
- You have ceased to make taxable supplies;
- You expect your taxable turnover for the next 12 months to be $1 million or less;
- Your business has ceased;
- Your business has been transferred as a whole to another person
- Taxable supplies
- Supplies outside of Singapore that would be taxable if they were made within Singapore
- Supplies that are disregarded for GST purposes but otherwise would have been taxable supplies
Account Services
Companies with December financial year-end | |||
YA | Records for period | To keep up to | Remarks |
2005 | 1 Jan 2004 to 31 Dec 2004 | 31 Dec 2011 | Seven years |
2008 | 1 Jan 2007 to 31 Dec 2007 | 31 Dec 2012 | Five years |
Companies with non-December financial year-end, e.g. 30 Jun | |||
YA | Records for period | To keep up to | Remarks |
2005 | 1 Jul 2004 to 30 Jun 2004 | 31 Dec 2011 | Seven years |
2008 | 1 Jul 2006 to 30 Jun 2007 | 31 Dec 2012 | Five years |
Singapore GST Accounting & Reporting by Value Accounting.
GST Accounting & Reporting Services – Frequently Asked Questions
Find answers to commonly asked questions on our GST accounting and bookkeeping services.
- What are your responsibilities as a GST-registered business?
A GST-registered business is one whose annual taxable supplies exceed $1 million. Once you register your business for GST with Inland Revenue Authority of Singapore (IRAS), you must file your GST return to IRAS regularly and report both your output tax and input tax in your return.
- What is the scope of our GST accounting services?
The scope of our services includes accounting for GST, e-filing accurate GST returns on time and keeping business & accounting records for at least five years. It is important to e-file GST returns on time within one month from the end of each accounting to do so. Failure to do so may cause you a fine up to $5,000 or imprisonment. To know more details on fees and services, please refer to this page.
- What is the difference between accounting and bookkeeping?
Accounting and bookkeeping are both essential business functions. These two, however, are different. Accounting means the process of providing financial information in various forms, such as income statements and balance sheets. The accounting process likewise includes preparing financial statements, analyzing operation costs, and completing income tax returns.
On the other hand, bookkeeping refers to the method of keeping records of business and financial transactions such as invoices, receipts, and more. The bookkeeping process also includes balancing the general ledger, completing payroll, and posting credits & debits.
- What types of business record does your company need to keep?
Your company is required to keep records and accounts of all your business transactions, and these include accounting ledgers, journals, invoices, receipts, vouchers, and any other relevant document. If you’re a GST-registered business, you must keep income records, business expense records, and purchase records.
- Why seek accounting and bookkeeping services?
Getting our accounting and bookkeeping services gives you access to a wider range of professionals. Our team comprises highly experienced and trained accountants & specialists who can address your accounting needs efficiently. They are at all time ready to handle any intricate task for your business.
Moreover, outsourcing allows you to focus more on your core business. Your internal team and resources can pay more attention to your core activities.
Connect With Us Today
If you have further questions on our accounting and bookkeeping services, just call or text us at +65 6438 8858/+65 9783 9675/+65 8182 5888. We’d love to discuss how we can help you stay compliant with the ACRA and IRAS requirements.
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