Singapore GST Services: General Information on GST

					Singapore GST Services: General Information on GST

Goods and Services Tax (GST) is applied almost similarly to Value Added Tax (VAT) in
most countries. It was implemented on April 1, 1994 in Singapore and was used as a
guide on the UK VAT legislation and New Zealand legislation.

Goods and Services Tax is administered, reviewed, implemented and collected by
the Inland Revenue Authority of Singapore (IRAS). GST is an indirect tax on the
supply of goods and services made in Singapore and on the importation of goods
into Singapore with its current rate at 7%.

GST is applied on all goods and services except for financial services and the sale or
lease of residential properties. Just like business registration and incorporation,
there is also a need to register your business for GST and this is the reason why there
are different Singapore GST services available in the country.

Here are some of the basic information you need to know about Goods and Services
Tax:
    A business is required to register if your annual turnover exceeds or is likely
       to exceed S$1 million from the sale of taxable goods and services. This
       requirement may be waived if most of your goods or services are exported or
       supplied internationally ("zero-rated supplies").
    Sole proprietorships, partnerships, limited liability partnerships, companies,
       clubs, associations, management corporations or organizations, statutory
       boards and government bodies can register for GST.

Here are some of the basic reasons why a business should register to GST:
    Most businesses register for GST to claim back the GST incurred on their
       business purchases.
    When GST paid exceeds GST collected, the difference can be claimed from
       IRAS as a GST refund.
    When GST rate increase, it may make business sense to voluntarily register to
       collect GST in order to claim back GST incurred on business purchases.

Below are the available GST schemes for businesses.
    Goods and Services Tax Assistance Scheme
 Get a grant to lower the costs
       involved in becoming a GST-registered trader. GST traders can collect GST
       and claim back for GST paid to suppliers.
    Major Exporter Scheme (MES)
 Major exporters can improve their cash flow
       by deferring GST payments on goods imported mainly for re-export out of
       Singapore.
    Licensed Warehouse Scheme
 Transform your warehouse into a licensed
       warehouse for storing dutiable goods. In licensed warehouses, duty and
       Goods and Services Tax (GST) are suspended until the goods are released for
       sale into Singapore.
      Zero GST Warehouse Scheme (ZGS)
 Businesses can transform their
       warehouses into zero-GST warehouses to minimize red tape and bypass the
       GST process.


Rikvin provides a full spectrum of corporate services under one roof for Singapore
company registration, assistance to form a Singapore company, accounting, tax,
work pass and related compliance services for individuals and companies worldwide.

				
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Description: Learn about Singapore GST Service – provided and presented by Rikvin, Singapore’s leading company registration firm and business solutions specialist.