GST Compliance of Private Limited Companies in Singapore: The Key Takeaways

GST Compliance of Private Limited Companies in Singapore: The Key Takeaways

First introduced in April 1994, the Goods and Services Tax, GST Singapore is stipulated in line with the UK VAT legislation and New Zealand GST legislation. The Inland Revenue Authority of Singapore (IRAS) acts as the custodian of GST and administers, assesses, enforces and collects revenue of GST. It is a broad-based consumption tax imposed on the imports of goods and almost all supplies of goods and services in Singapore. The current GST rate is 7%.

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What is the implication of GST for Singapore Private Limited Company?

As GST is a consumption tax and is borne by the end consumer, it is not treated as a cost to the company. Businesses only collect the tax on behalf of the Singapore tax authority, IRAS.

As a GST registered company, you need to collect GST from your customers for the goods and services provided by you and then pay the collected sum of the tax to the tax authorities. The invoiced GST must be paid quarterly through the GST tax filing. You can only charge and collect GST once you have done your GST registration in Singapore.

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