The Goods and Services Tax (GST) of Singapore which currently stands at 7% is a consumption tax levied on nearly all supplies of goods and services in Singapore. This is commonly referred to as Value Added Tax or VAT in many other countries. If your company’s total quarterly revenue or expected revenue for the next 12 months exceeds S$1 million, you are required to apply for GST registration within 30 days.
Late GST registration can lead to a penalty fee of up to S$10,000 or the sum equivalent of 10% of the GST amount due, and even criminal prosecution. Moreover, your company will be liable to pay for the GST on past sales starting from the GST effective date, even if no GST was collected from your customers.
With an intimate understanding of GST, Accede can take your GST-related stress away. Stay compliant with our GST Registration Package which includes:
- Completion of 2 e-learning courses
- Preparation and submission of GST Form 1
From start to finish, we’re here to make the entire GST registration process easy and hassle-free.
Need help with your GST requirements? Talk to one of our tax specialists today.