discussions taxes

Professional GST Filing Services In Singapore

GST errors can be as costly as penalties up to 200% of tax owed. Companies who correct their GST errors a year from the GST F5 filing deadline, however, will not face any tangible penalties.

Have a team or external party review and regulate your GST returns and filings, in order to stay head and disclose any errors now.

  • When purchasing from GST-registered suppliers or importing goods into Singapore, you may have incurred GST (input tax). Such input tax can be claimed, upon meeting a set of conditions. However, all input tax claimed need to be supported by valid tax invoices addressed to you (and your company) or have existing proof in the form of simplified tax invoices.
    • You should only claim input tax in the accounting period corresponding to the date of the invoice or import permit.
  • Zero-rating of goods is not allowed if goods are delivered to a local address or if there are insufficient documents to support the export. Many companies make the error of zero-rating supplies just because they are serving an overseas customer. Only international services qualify for zero-rating. Zero-rating of services is not allowed if the services are directly in connection with goods or land in Singapore.
  • Common GST errors include no accounting for GST on gifts and on business assets sold. GST is chargeable on gifts exceeding $200 and on sale of office furniture, equipment, machinery and assets such as laptops and computers.

How to avoid GST Filing errors?

Businesses are liable for GST registration when their annual revenue (value of goods and services sold by the company or individual) exceeds S$1 million for the past year.

More and more businesses are outsourcing their GST filing operations to external accounting firms. Having someone expert and experienced in GST filing matters would strengthen your GST filing internal controls, making your business less vulnerable to making tax errors and paying for unneeded tax penalties.