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What records do I have to keep?
GST account
How long do I need to keep my records?
Can I preserve my records in other forms (e.g. in electronic format)?

What records do I have to keep?  

Income Records

  • Tax invoices/simplified tax invoices issued, serially numbered receipts issued or cash register tapes to explain each sales transaction
  • Rental agreements signed by both landlord and tenant to explain your rental income
  • Credit notes for returned goods
  • Documents relating to your exports (e.g. bill of lading, air waybill, export permit)
  • Evidence that payment have been received (e.g. bank statement)

Purchase and Business Expense Records

  • Invoices or receipts received to explain each purchase transaction or business expense
  • Documents relating to your imports (e.g. bill of lading, air waybill, import permit)
  • Payment vouchers on payment made to individuals/companies for services rendered and the relevant contracts/agreements on the provision of services
  • Rental agreements signed by both landlord and tenant to explain your rental expenses
  • Payment evidence (e.g. bank statement)

Other Records to Support GST Declarations

You must also keep the source documents of all other business transactions which affect the output tax and input tax reported in your GST return. Some of these transactions include:

  • Usage of business assets for private purpose
  • Disposal of business assets
  • Removal of  goods from customs-licensed warehouse

Statements and Accounting Schedules

To keep track of and summarise your records, you should also keep:

  • Bank statements of your business (separate bank accounts for personal and business purposes recommended); 
  • Stock lists to explain your trading stock on hand at the end of each accounting period;
  • General ledgers to record your assets and liabilities, revenue and expenses;
  • Statement of accounts such as Balance sheet and Profit and Loss Statements;
  • Sales listings in the format below to explain your supplies; and

Sales listing format

  • Purchase listings in the format below to explain your purchases.     

 Purchase listing format           

Please use these template worksheets  for your sales and purchase listings.

For more information, please refer to our e-Tax Guide on "Record Keeping Guide for GST-registered Businesses (331KB)".  
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GST account

A GST account is a summary of the totals of your input tax and output tax for each accounting period. You may wish to keep a GST account to facilitate your completion of the GST returns. 
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How long do I need to keep my records?

You are required to keep your records pertaining to prescribed accounting periods ending before 1 January 2007 for seven years.

For records pertaining to prescribed accounting periods ending on or after 1 January 2007, you are required to keep the records for five years
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Can I preserve my records in other forms (e.g. in electronic format)?

If you wish to preserve your records in other forms, you do not need to seek approval from the Comptroller of GST.

For GST-registered businesses, please refer to the Guide “Record Keeping Guide for GST-registered Businesses  (331KB)" for the record keeping requirements. This will cover requirements for keeping business records in electronic media and imaging systems.

For Non-GST registered businesses, please refer to the Guide “Record Keeping Guide for Non GST-registered Businesses  (306KB)” for the record keeping requirements. This will cover requirements for keeping business records in electronic media and imaging systems.

 
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FAQs

If you are unable to provide sufficient documents to support your input tax claim, your input tax claim will be disallowed.

If you lose the supporting documents to prove the export of your goods or provision of international services, you will have to treat your sale as a local supply and account for the GST accordingly.

In addition, penalties may be imposed for failure to maintain sufficient documents to support your GST declaration.


 

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Last Updated on 2 December 2014


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