GST is a tax charged on the supply of goods and services made in Singapore and on the import of goods into Singapore. The current rate is 7%.

Your business must be registered to collect GST if your annual turnover exceeds or is likely to exceed S$1 million from the sale of taxable goods and services. You can apply for exemption from GST registration if most of your goods or services are exported or supplied internationally (“zero-rated supplies”).

You may also apply to the comptroller of GST to collect GST voluntarily. Approval for voluntary registration is at the discretion of the comptroller. Once the approval is given, you must remain registered for at least 2 years.

If you are a GST registered trader, it is the director’s responsibility to comply with all the obligations of a GST-registered company, and the related administrative and book-keeping costs that may incur to comply with the GST Act. GST submission has to be submitted to IRAS (Inland Revenue Authority of Singapore) on a quarterly basis. As such, you will incur quarterly book-keeping and GST submission cost.

DP SME Advisory offers both GST Registration Service and GST Book-keeping/Computation and Submission Service. We advise you on your optimal GST filing cycle, and will perform necessary quarterly GST filing as per statutory requirement.

We ensures that you will have peace of mind to know that you will not miss your deadlines* on filing your GST returns.

*Kind Note:
If the GST returns is not submitted by due date (i.e. 1 month after the end of the prescribed accounting period), a penalty of $200 for each month that you continue not to submit the return will be imposed, up to a sum of $10,000.

If payment is not made by due date, a PENALTY of 5% of the unpaid tax will be levied. If Payment is still not made after 60 days, an ADDITIONAL PENALTY of 2% of the tax unpaid will be added from the first day after the due date. It will be added for each completed month, subject to the maximum of 50% of the tax unpaid.

• One directors/ manager to be present at our office: 10 Kallang Avenue, #05-17 Aperia Tower 2, Singapore 339510, personally.
• Bring along Monthly Bank Statements, Sales Invoices, Payment Vouchers, Cash/Cheque Deposits, Purchase Invoices and Salary Details for the Submission Period;
• Provide Estimated Annual Sales Turnover of Company;
• GST Approval Letter for us to advice on filing cycles;

If you are unable to visit our office, or have further enquiries/ require a quotation, email us now!

• Book-Keeping/ Accounting Service: EVERY company registered in Singapore is required to keep proper accounts. If you want to focus on your core business, reduce your business cost and meet deadlines for statutory requirements, check out our Book-Keeping/ Accounting Service.
• Financial Statement Preparation: Directors are required to present accounts that comply with the Accounting Standards and which give a true and fair view of the state of affairs of the company to its shareholders. Our accountants would ensure that your Financial Statement is prepared according to the required Accounting Standards for filing to ACRA (Accounting and Corporate Regulatory Authority). We can also assist you with preparation of AUDITED financial accounts, if required. Check out our Financial Statement Preparation Service.
• Tax Computation/ Filing: All companies/ individuals are required to pay corporate tax or income tax to IRAS (Inland Revenue Authority of Singapore) for all income earned or received in Singapore. If you need to understand how to reduce your tax liabilities legally, to compute and file your tax returns on time to avoid penalties, check out our Tax Computation/ Filing Service.
• Payroll Service: In Singapore, the process of payroll management can be tedious and complicated, as it involves remittance of CPF contributions of employees, filing of employees’ earnings, computation of levies, etc. If you are unfamiliar with Singapore’s Labour Laws, and require assistance, check out our Payroll Service.