IRAS – Do I Need to Register for GST
Determining whether business needs to register for Goods and Services Tax (GST) is crucial for compliance with Singapore’s tax regulations. Here’s a guide to help in assess companyGST registration requirements:
Who Must Register for GST?
Registration is required if the business’s taxable turnover exceeds $1 million:
What if You’re Not Compulsorily Liable?
If company’s taxable turnover is below $1 million, company can still choose to register voluntarily. However, carefully consider the responsibilities and compliance involved in GST-registered businesses.
Other Registration Requirements
Company may need to register under the Reverse Charge or Overseas Vendor Registration regimes if:
Exceptions to GST Registration
Company may be exempt from compulsory GST registration if:
Consequences of Late Registration
Late registration can lead to significant penalties, including backdating of the registration date, liability to pay GST on past sales, fines of up to $10,000, and a 10% penalty on GST owed. Voluntary disclosure of late registration may result in waived fines and penalties.
