We assist companies register for GST if they require.
When do I need to register for GST
In Singapore, anyone who intends to or is making supplies of goods and services can register for GST. There are two main types of GST registration. Compulsory Registration is for a business whose revenue is exceeding or expected to exceed SGD$1,000,000. Otherwise, Voluntary Registration, of which the business have to stay registered for 2 years.
The offences under the GST Act includes:
Failure to register (maximum fine of $10,000 and 10% penalty on tax due so far)
Filing incomplete GST returns (penalty 2X tax undercharged and maximum fine of $5,000)
Failure to pay GST on due dates (penalty 5% and 2% every month, up to 50%)
Tax evasion (penalty of 3X the tax evaded, maximum fine of $10,000 and/or jail term of 7 years)
How often is GST submission to IRAS
In Interactive accounts, we help businesses who falls under compulsory registration and businesses who want to voluntarily register for GST to do so. We help GST registered businesses compute the GST recoverable or payable. We also help GST registered business to file for GST F5, GST F7 and GST F8. Most importantly because of the legal implications, we ensure that our clients are well advised and we assure our clients that the filing for GST done meticulously.
For smaller business, GST F5 can be filed every quarterly and must be submitted a month after the end of quarter. For example if the quarter end of the company is 30 June 2X17, GST must be filed by 31 July 2X17. For larger businesses, GST can be filed and submitted monthly.
In Interactive Accounts, we are obliged to ensure that our clients are not vulnerable to these legal implications. As the penalty for the offences under the GST Act is very costly, we want to ensure our clients that they will be well supported and advised so that they can focus on their day to day operations and revenue generating activities.