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GST Registration in Singapore

Organizations will be required to apply for GST inside 30 days from the date of the organization's enlistment. In Singapore, an organization is still permitted to enlist for GST on an intentional premise regardless of whether the turnover is underneath the normal $1 million. For organizations who wish to do as such on an intentional premise, it is prompted that they initially play out a money-saving advantage investigation on the effect that GST enrollment will have on the business and announcing process.<br>https://enterslice.com/sg/gst-registration-in-singapore

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GST Registration in Singapore

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  1. GST REGISTRATION The Goods and Services Tax or GST of Singapore is one of the lowest when compared to the other countries in Asia. A variety of schemes have also been introduced by the Government of Singapore to reduce the GST filing burden of the businesses. The Goods and Services Tax of Singapore was introduced on 1st April 1994. WHAT IS GST REGISTRATION? GST REGISTRATION IN SINGAPORE Goods and Services Tax or GST is collected on the supply of goods and services as well as on the import of goods. In the case of imports, it is collected by the Customs Department of Singapore. It is a kind of indirect tax levied on every step of consumption and production. GST is a tax levied by the Government of Singapore on the import of the goods into Singapore. The GST Tax in Singapore is an indirect tax similar to the Value Added Tax or VAT in other countries. REGISTRATION OF GST ON RETROSPECTIVE BASIS COMPULSORY REGISTRATION The requirement for GST Registration in Singapore is mandated by the turnover threshold set by the authorities. Here, turnover means annual taxable turnover earned through taxable supplies of goods and services by an entity. The threshold limit in Singapore is set at $1 million. Under GST taxable turnover is to be computed on a calendar year basis, a calendar year basis means for the year ending on 31st December every year. If the taxable turnover of any business entity exceeds $1 million at the end of any calendar year on or after 1st January of a year, then GST Registration in Singapore is mandatory. REGISTRATION OF GST ON PROSPECTIVE BASIS VOLUNTARY REGISTRATION GST Registration in Singapore becomes mandatory even if there is a reasonable expectation that the taxable turnover will exceed $1 million in the next 12 months' time period. In order to get GST Registration in Singapore on a prospective basis, the applicant is required to provide the necessary supporting documents for such expected turnover. Even if the business of the applicant is not covered under the mandatory Registration criteria, one has a choice to apply for GST Registration in Singapore on a voluntary basis. CONTACT US 9870310368 info@enterslice.com H 55 Sector 63 Noida U.P. 201301Uttar Pradesh

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