We specialize in GST consultancy, assisting our clients in performing:
GST ASK (Assisted Self-Help Kit) Annual Review :
- The benefits of adopting ASK Annual Review includes
- Fulfilling of requirement for application or renewal of specific GST Schemes such as MES, IGDS, ACMT and AISS
- Ensuring accuracy of GST submissions
- Reducing risk of incurring penalties on errors made
- Enjoying administrative concessions for common errors
- Discovering past GST errors early for timely disclosure to IRAS and enjoy zero or reduced penalties
GST Health Check :
- Following an analysis of your data we will report to you on any control lapses found and recommend improvements to reduce risk of any potential non-compliance.
GST Registration :
- We would recommend, and assist you with the registration, where GST registration is required or where it is advantageous to you based on our analysis of your transactional data. Non-compliance in this area can attract high penalties to the business.
GST monthly, quarterly or half yearly filing of returns :
- By outsourcing this function to us, our qualified staff can handle the regular filing of your returns to ensure proper submission and compliance.
GST In-house training :
- We provide customised training to your staff to suit the needs of the industry you are in.
We provide quality services at competitive fees. As a professional GST consultant, we help our clients adhere to regulatory compliance requirements set by IRAS and ensure delivering an effective Singapore taxation service.
The Goods and Services Tax (GST) implemented since 1994 in Singapore, is one of the biggest revenue contributors to Inland Revenue Authority of Singapore (IRAS) every year.
In Singapore the IRAS administers, assesses, collects and enforces payment of GST. GST is seen as a means to lower personal and corporate income tax rates while maintaining a steady revenue base for the government. GST is an indirect tax as it taxes expenditure. The current rate of GST is 7%.
Also known as Value Added Tax (VAT) in many other countries, Goods and Services Tax (GST) is a consumption tax that is levied on the supply of goods and services in Singapore and the import of goods into Singapore. Since 1st January 2020, in certain cases, import of services are also subject to GST. GST is an indirect tax, expressed as a percentage (currently 7%) applied to the selling price of goods and services provided by GST registered business entities in Singapore.
As GST is to be borne by the end consumer and normally it does not become a cost to the GST registered businesses. Businesses merely act as collecting agents on behalf of IRAS.
If you are a GST registered enterprise, you are required to collect GST from your customers for the goods and services rendered by you and then pay the tax collected to IRAS. For example, if you charged S$100 for your services to a customer in Singapore, you must invoice your customer S$107 (S$100 for your service plus 7% GST). This invoiced GST amount collected on behalf of IRAS from the customer must subsequently be paid to IRAS on a regular (most often quarterly) basis via GST tax filing.
Companies incorporated in Singapore are not automatically qualified or required to charge GST. If your annual taxable supplies exceed S$1 million, it is compulsory for you to register for GST. Otherwise you may choose to register voluntarily, after careful consideration, if you find that it is advantageous to you to do so.