If you are a business owner in Singapore, you need to understand everything about Goods and Services Tax (GST). It is compulsory for businesses with turnover exceeding $1 million per year to register for GST. Currently, the GST rate in Singapore is 7%. GST-registered businesses must charge and account for GST at 7% on all sales of goods and services.
File GST to IRAS
Tianlong Services Pte Ltd can provide you with a qualified tax consultant to offer you GST advisory services. You will be able to leverage on our expertise and knowledge in the requirements of GST preparation and filing to IRAS for your business because our services include:
- Application for GST registration
- Completion and submission of GST returns
- Cancellation of GST registration
How to File GST Form F5
Filing your GST Returns
All GST registered companies must file GST F5 returns on a quarterly basis to the IRAS. Even if you did not incurred any transactions during the accounting period, you must submit a ‘nil’ return. Currently, the return is done electronically through the following steps and must indicate the following:
- Total value of your local sales
- Exports and purchases from GST registered entities
- The GST collected and GST claimed for that accounting period.
Step 1: Authorise Users for GST e-Filing
If your business is e-Filing its GST return for the first time, you must go through this step. Furthermore, if you are changing the persons mandated by your company to conduct e-filing of the GST returns, the IRAS must authorise the user. The users’ role can either be the ‘Preparer’ (completes GST return and save it as a draft) or the ‘Approver’ (review and submit the GST return to IRAS).
If the GST return is filed by a third party, such as a tax agent, he/she must be authorised in CorpPass to act for the GST-registered business. If you are an employee or third party filing GST returns for a sole-proprietor, group or divisional registrant, please find the step-by-step instructions here.
Step 2: Log into myTax Portal
After successfully registering your authorised users for GST e-Filing, log into myTax Portal through CorpPass and retrieve the GST returns for your organisation, that is, GST F5.
Step 3: e-File Your GST Return
Completing and filing your GST return successfully is a step-by-step process that requires you to be keen. If you need help with completing your GST return, contact us today!
Generally, when filing an F5 return, your calculations must start with your company’s net GST as below:
Net GST = (Output GST – Input GST)
Output tax refers to the GST you have collected from your customers, while input tax indicates the GST your company paid on purchases from suppliers or on imported goods. When you get a negative net GST, meaning, your output tax exceeds your input tax, your company must pay the net GST to IRAS.
On the other hand, if you get positive net GST, meaning, your input tax exceeds the output tax, you are entitled to a refund from the IRAS. GST refunds are usually made within 30 days from the date of receipt of the GST F5 returns. The due date for returns submission and tax payment is 30 days once the accounting period ends after which penalties are levied.
Step 4: Save a Copy of the Acknowledgement and Pay the Fee
Save a copy of the acknowledgement page and make payment (if applicable) to IRAS by the due date. If you need more information for your industry, Singapore tax department has prepared the GST guides on how GST affects your sector. Find them here.
Outsource and grow
Due to the timing of tax filing in Singapore, you can avoid hefty penalties by contacting Tianlong Services Pte. Ltd. We can provide you with a qualified tax consultant to offer you tax advisory services for your business. Liaise with our dedicated specialists account specialists TODAY to attend to your GST needs.
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You will get a month’s worth of bookkeeping. Whether or not you continue with us, your reports for the month are yours to keep.