1. Charge and Account for GST on Standard-Rated Supplies
For supplies of goods and services made in Singapore (
standard-rated supplies), you need to
charge and account for 7% GST. 2. e-File GST Returns and Pay Tax Due
You must file accurate GST returns and pay the tax due in a timely manner.
e-Filing GST Returns on Time
All GST returns must be submitted via e-Filing (myTax Portal) within one month from the end of each accounting period.
If there is no transaction, you are still required to submit a "NIL" GST return.
You may refer to What to fill in each box? on how to complete GST returns.
Filing Late or Not Filing
Failure to e-File is an offence punishable with a fine up to $5,000 and in default of payment, an imprisonment term up to six months.
For non/late submission of GST return, IRAS may:
- With effect from 1 April 2018 - impose a late submission penalty of $200 immediately once the GST return is not filed by the due date. A penalty of $200 will continue to be imposed for every completed month that the GST return remains outstanding (subject to a maximum of $10,000 for each return outstanding). Please refer to the examples on how late submission penalty is imposed.
- Issue an estimated assessment of the tax due and the amount is subject to late payment penalties. The estimated assessment and late payment penalties will only be revised upon receipt of the overdue GST return.
Paying GST Due on Time
Tax due must be paid within one month from the end of each accounting period.
Paying Late or Not Paying
For non/late payment, a 5% penalty will be levied on the amount of tax unpaid by the due date. An additional penalty of 2% per month on tax remaining unpaid after 60 days from the due date of the prescribed accounting period (subject to a maximum of 50% of the outstanding tax) may also be imposed.
Please refer to an example on how late payment penalties are imposed.
3. Keep Proper Business and Accounting Records
You need to keep all business and accounting records for at least five years.
This requirement remains even if your business ceased or is deregistered from GST.
Please refer to Keeping records for the types of records to keep.
4. Display Prices with GST
Any price displays, advertisements, publications or quotations in respect of goods or services made to the public must be inclusive of GST. If both GST-inclusive and GST-exclusive prices are displayed, the GST-inclusive price must be displayed at least as prominently as the GST-exclusive price.
Failure to comply with the GST-inclusive price display requirement is an offence for which the fine is up to $5000.
Please refer to Displaying prices for the acceptable price display format. Note that an exception to the above rules applies to businesses in the hotel and food & beverage (F&B) industries for goods and services that are subject to service charge.
5. Issue Tax Invoices with GST Registration Numbers
You are required to issue tax invoices for your standard-rated supplies.
When the total amount payable for your supply (including GST) does not exceed $1,000, you may issue a simplified tax invoice.
Your GST Registration Number should be reflected on all tax invoices, simplified tax invoices and receipts.
Please refer to Invoicing customers for information required in a tax invoice and simplified tax invoice.
6. Inform IRAS of Changes
You need to inform the Comptroller within 30 days after any change to your business circumstances. These changes include:
- Change in business registered address or mailing address
- Change in business name
- Change in business constitution or ownership
- Change in partner(s) or particulars of partner(s)
- Set up of new partnerships business with the same composition of partners
Please refer to Notify IRAS of changes to your business for the procedures.
7. Accounting for GST at Point of De-Registration
When your GST registration is cancelled, you need to account for GST on business assets held on the last day of registration if GST was previously claimed on their purchase and the total market value of these business assets is more than $10,000.
These assets include inventories, fixed assets, non-residential properties and goods imported under the various GST schemes.
Please refer to Cancel GST registration for more details.
8. Additional Obligations under Voluntary Registration
Those who voluntarily registered are required to:
- use GIRO for payment and refund of GST;
- remain GST-registered for at least two years;
- comply fully with the responsibilities of a GST-registered business;
- make taxable supplies within two years if you have not started making taxable supplies at the point of applying for GST registration; and
- any other conditions as may be imposed by IRAS.
The Comptroller may cancel the voluntary GST registration when any of the conditions are not met.