Goods and Services Tax Singapore, is an indirect tax levied on the supply of goods and services in Singapore and import of goods into Singapore. Goods and Service Tax (GST), similar to the Value Added Tax (VAT) in many countries, is a consumption tax on most domestic goods and services. Singapore’s GST is currently at 7%.
A supplier of goods and/or services, whose annual revenue exceeds or is likely to exceed S$1 million, is required to register with the Comptroller of GST. A supplier, whose revenue does not exceed S$1 million may voluntarily register with the Comptroller if it is beneficial to the business. The approval of such registrations is at the discretion of the Comptroller. Once voluntarily registered, the supplier must comply with the regulatory requirements and stay registered for a minimum of 2 years.
All GST registered companies, it is mandatory to e-file your GST return and pay the tax due within prescribed due dates. GST return and payment should be made within one month after the end of the accounting period.