Singapore Expats Forum

GST for services

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.

Sponsored by:
Citibank International Wealth Management

User avatar
Posts: 1237
Joined: Mon, 28 Apr 2008
Location: Singapore

Postby carteki » Mon, 02 Aug 2010 10:26 am

sundaymorningstaple wrote:
bookkeeper wrote:nowadays IRAS advocate voluntary registration for all biz. Biz owners are not supposed to suffer GST costs, its meant for consumers. The 1million threshold is no more applicable now.

From the IRAS Website (last updated Dec 2009 - 7 months ago)
GST is a self-assessed tax. Businesses are required to continually assess the need to be registered for GST.

In most cases, registering for GST is compulsory when:

* the turnover of your business is more than $1 million for the past 12 months; or
* you are currently making sales and you can reasonably expect the turnover of your business to be more than $1 million for the next 12 months.

Otherwise, you can choose to be voluntarily registered for GST. Please refer to the following links for more details.

Don't see anywhere where they "advocate" registering for GST.

What isn't mentioned here is that if you voluntarily register for GST then you are not allowed to deregister within 2 years.

User avatar
Strong Eagle
Posts: 11249
Joined: Sat, 10 Jul 2004
Location: Off The Red Dot

Postby Strong Eagle » Mon, 02 Aug 2010 1:31 pm

For a non retail, business to business company, volunteering for GST registration is generally a good thing. Unlike most consumers, businesses will be GST registered and the additional 7 percent is a wash... the input tax amount.

It is good for your company because:

a) you get refunded on the GST tax you pay.
b) Charging GST suggests that you have some girth... at least a million turnover... unlikely that your GST registration will actually be checked.

User avatar
Posts: 1381
Joined: Tue, 27 Feb 2007
Location: Singapore (Finally!)

Postby sierra2469alpha » Mon, 02 Aug 2010 6:45 pm

Strong Eagle wrote:... unlikely that your GST registration will actually be checked.


User avatar
Posts: 35387
Joined: Thu, 11 Nov 2004
Location: Still Fishing!

Postby sundaymorningstaple » Mon, 02 Aug 2010 10:05 pm

I think SE means check by the vendor/seller. I know we have never bothered to actually check with ACRA/ROC/ROB to see if any of our vendor company's GST registration was voluntary or on account of revenue requirement in excess of 1million/annum. We just assume that it is. Benefit of the doubt? Having GST registration with under a million revenue show your client that you have at least another set of checks & balances with the government. (not that that hasn't been abused in the past though.....)

Anyway, welcome back stranger. :wink:

  • Similar Topics
    Last post
  • GST
    by Jenskin1011 » Wed, 23 Jul 2014 7:23 pm » in Announcement, Help & FAQ
    by Jenskin1011 View the latest post
    Thu, 24 Jul 2014 11:01 am
  • GST return at Changi Airport
    by Thatguy » Sun, 07 Dec 2014 10:05 pm » in General Discussions
    by ecureilx View the latest post
    Mon, 08 Dec 2014 4:17 pm
  • Leasing a car for $1800 + GST
    by hotinsingapore » Thu, 20 Aug 2015 7:06 pm » in Car Leasing & Rental
    by Lophophora View the latest post
    Sat, 19 Mar 2016 2:41 am
  • Water Prices up 30% (+GST)
    by Barnsley » Tue, 21 Feb 2017 10:29 am » in Latest News & Current Affairs
    by taxico View the latest post
    Wed, 22 Feb 2017 9:00 pm
  • Question about charging gst...
    by allanyeowjj » Wed, 07 Mar 2018 12:18 pm » in Business in Singapore
    by Strong Eagle View the latest post
    Wed, 07 Mar 2018 12:48 pm

Return to “Business in Singapore”

Who is online

Users browsing this forum: No registered users and 0 guests