GST registration is an important step for Singaporean companies, as it allows them to charge customers GST on their goods and services. It also helps businesses claim input tax credits for their business expenses. In addition, it bolsters a company’s credibility and trustworthiness, demonstrating compliance with Singapore’s tax regulations. For international companies, it enables them to offer more competitive pricing and terms to potential customers in global markets by being able to claim GST refunds on exports and international services. However, GST-registered companies must abide by specific compliance and filing requirements.

Why Your Singaporean Company Needs GST Registration

Eligibility to register for GST in Singapore depends on the annual taxable turnover of the company. In general, companies must register for GST if their annual taxable turnover exceeds $1 million, either retrospectively (if they already exceeded the threshold at the end of the previous quarter) or prospectively (if they expect to cross the threshold within 12 months).

Once eligibility has been established, companies can apply for GST registration via the myTax portal. They must log in to the portal using their CorpPass credentials and access the “Register for GST” option within the myTax menu. The application process typically takes 10 working days for most applications, but it can take up to 30 days in case the submission requires additional review or documentation.

In addition to meeting the aforementioned requirements, businesses must also submit their GST returns and maintain proper accounting records. They must also comply with other IRAS guidelines, including maintaining separate bank accounts for their GST and regular operations. Grof can significantly ease the process of GST registration for Singaporean companies by providing expert guidance on eligibility criteria, document preparation and submission, and ongoing support with GST filing and compliance.