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Secure Your GST Registration in Singapore with CFO Account & Services

GST registration in Singapore is necessary for businesses to collect and remit the required taxes. For companies who want to ensure their GST registration process is done smoothly and accurately, CFO Account & Services can assist.

CFO Account & Services specializes in providing expert advice and assistance with GST registration in Singapore. Their team of experienced professionals are knowledgeable about the GST registration process and can help businesses ensure their GST filing requirements are met.

Updated GST rates for 2023

The Goods and Services Tax (GST) is a value-added tax for selling goods and services in Singapore. The current GST rate is 7%, but this rate may be subject to change in 2023.

For businesses registered for GST, any changes to the GST rate will impact their business operations. It is essential to stay informed of any announcements from the Inland Revenue Authority of Singapore (IRAS) about changes to GST rates.

Understanding GST Registration Singapore - Goods & Service Tax

Goods and Services Tax (GST) is an indirect tax levied on the supply of goods and services in Singapore. GST was introduced in April 1994 at the rate of 3%. It has since increased to 7%, effective 1 July 2007. Business owners must register for GST if their annual taxable turnover exceeds S$1 million.

GST registration is a straightforward process that can be completed online or through paper forms. Upon registration, businesses will obtain a GST identification number and start collecting and remitting GST on all taxable supplies of goods and services.

What Are the Basic Requirements Needed Before Registering for GST

Businesses must meet specific basic requirements before registering for Singapore's goods and services tax (GST):

  1. The business must be registered with the Accounting and Corporate Regulatory Authority (ACRA).
  2. The company must have an annual turnover of over $1 million.
  3. The business must be based in Singapore and provide taxable goods or services in Singapore.
  4. The business must have a valid SingPass or corporate identification number.
  5. The company must appoint an authorized representative to handle GST matters.

GST registration is an essential part of doing business in Singapore. It allows businesses to charge GST on taxable supplies and claim input tax credits for any GST paid on their business expenses. Companies must submit the required documents to the Inland Revenue Authority of Singapore (IRAS) to register for GST and deliver a prescribed fee. Once written, businesses must comply with the GST regulations and ensure accurate filing of GST returns.

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GST Registration Steps for Local Businesses in Singapore

GST Registration is essential for local businesses in Singapore to comply with the Goods and Services Tax (GST) regulations. All taxable entities must register for GST if their annual turnover exceeds SGD 1 million. It is also compulsory for certain businesses, such as those selling imported services or goods from overseas suppliers.

Here are the steps to take when registering for GST:

  1. Register your business with the Accounting and Corporate Regulatory Authority (ACRA).
  2. Obtain a Unique Entity Number (UEN) from ACRA.
  3. Appoint an Authorized Representative who will handle GST matters on behalf of the business.
  4. Gather all other documents and information required for GST registration, such as the company's financial statements for the past three years and a list of goods or services to be supplied.
  5. Submit the application form to IRAS with all supporting documents.
  6. Wait for approval from IRAS and obtain a GST identification number (GSTIN).
  7. Start charging GST on taxable supplies and remitting it to IRAS periodically.

GST Compliance and Record-Keeping Requirements

Once registered for GST in Singapore, businesses must keep accurate records of their transactions and comply with the regulatory guidelines set by IRAS. They are required to file GST returns periodically, usually quarterly or annually. Businesses must submit the correct amount of GST collected from customers within the stipulated time frame, or they may be penalized.

Businesses must also keep detailed records of all GST transactions for five years, including invoices, receipts and other relevant documents. The forms must be in a format acceptable to IRAS and contain the business's GST identification number (GSTIN).

How Does Singapore GST Affect Your Business?

Registration Requirements

For businesses operating in Singapore, it's crucial to note that if their taxable turnover exceeds S$1 million within a 12-month timeframe, they are mandated to register for GST. On the other hand, foreign businesses also have analogous requirements. However, they have the added necessity to appoint an Authorized Representative. Furthermore, all entities must pay a registration fee to the Inland Revenue Authority of Singapore (IRAS).

Compliance Post-Registration

Upon successful registration, businesses must charge their customers GST on taxable goods and services at the rate stipulated by the authorities. They must diligently track the GST they collect and the amount they disburse. Periodically submitting GST returns and remitting the net due amounts to IRAS is a non-negotiable responsibility.

Sign the Agreement

Once you have provided the necessary documents and agreed to the nominee director agreement and terms, you must sign a contract with the service provider.

GST Rates and Deadlines

To seamlessly navigate the GST landscape, businesses should be well-informed about the varying GST rates applicable to different goods and services. Their adherence to the set filing deadlines is crucial to avoid any legal complications.

Complexity Factor

While GST offers certain advantages, it's undeniable that its compliance introduces added layers of operational complexities. It's paramount for businesses to invest time and resources to fully grasp their obligations and ensure that their record-keeping is meticulous and in line with the regulations.

How Can CFO Account & Services Help with GST Registration?

CFO Account & Services can help businesses ensure their GST registration process is done correctly and efficiently. Their team of experienced professionals are knowledgeable about the GST registration process and will be able to guide businesses through the necessary steps. They can also provide advice on filing requirements, such as when to submit GST returns.

By working with CFO Account & Services, businesses can be assured that their GST registration will be done accurately and by Singapore's tax laws. This can help them avoid costly penalties or fines for non-compliance.

Contact CFO Account & Services today to secure your GST registration in Singapore. Their team of experienced professionals are ready to provide expert advice and assistance to help businesses get their GST registration done right.

Why GST Registration is a Game-Changer for Your Business?

GST registration in Singapore is a significant game changer for businesses because it enables them to become eligible for various government grants, financial support and incentives. It also opens up avenues for businesses to increase their customer base and expand their business operations. GST registration in Singapore ensures that the business is recognized as an established entity and can obtain the necessary documents from the Inland Revenue Authority of Singapore (IRAS).

This will allow the business to apply for loans and credit facilities at competitive interest rates. Furthermore, GST registration in Singapore helps to create transparency between companies and their customers as they can differentiate between taxable and exempt transactions. This improves customer confidence in the business and encourages them to make repeat purchases. Ultimately, GST registration in Singapore benefits companies as it helps boost their bottom-line profits.

What Are The Drawbacks to Register Company for GST?

When registering for GST in Singapore, businesses must consider the potential drawbacks of doing so. The main disadvantages of registering for GST include:

Increased Administrative Burden

Businesses registering for GST must submit GST returns, update records and reconcile accounts regularly. This can create an extra administrative burden and require additional time and resources, which may be challenging to manage.

Additional Costs

Businesses may need an accountant or other professional to handle the additional administrative burden of GST registration. This can add extra costs when calculating overall profitability and cash flow management.

Reduced Cash Flow

As registered businesses must pay GST every quarter, this can reduce their cash flow. This could be difficult for SMEs and start-ups with insufficient funds to cover the GST payments.

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FAQs on GST Registration Singapore

  • What is GST?

    Goods and Services Tax (GST) is a multi-stage tax levied on the supply of goods and services in Singapore. It is charged at every stage of the supply chain, from production to consumption. GST was implemented in Singapore in 1994 as part of an effort to make taxation fairer and more efficient. The current standard rate of GST is 7%, although some items are zero-rated or exempt from GST.

  • What is GST Registration?

    GST registration allows businesses to charge and collect GST on the taxable goods and services they supply. It also enables them to claim input tax credits for any GST paid on their business expenses. All businesses with an annual turnover of more than S$1 million must register for GST, although some companies may choose to register even if their turnover is below this amount voluntarily.

  • Who Needs To Register For GST?

    In Singapore, businesses and sole proprietors with annual taxable supplies of more than S$1 million must register for GST. Companies with reserves below this threshold may also be required to register if they make certain exempt supplies or have taxable revenue from overseas stores.


    Businesses not registered for GST must charge their customers the prevailing GST rate when selling goods or services in Singapore. To avoid this, companies must register for GST.

  • When am I eligible to register for GST?

    In Singapore, businesses must register for Goods and Services Tax (GST) when their taxable turnover exceeds S$1 million in 12 months. This is known as the registration threshold.


    Businesses can also voluntarily register for GST if their taxable turnover exceeds S$1 million. Additionally, companies that import goods into Singapore must register voluntarily for GST regardless of the value of the imported goods.

  • How long does it take to register for GST in Singapore?

    Registering for GST in Singapore usually takes about 5-7 working days. This time frame may vary depending on the complexity of your business and other factors.

  • Is a Singapore company required to collect GST tax?

    No, Singapore companies are not required to collect GST tax. Goods and Services Tax (GST) is a value-added tax system implemented in Singapore in April 1994. It applies to selling, renting, or leasing goods and services and importing goods from overseas suppliers. The current GST rate is 7%.


    Under the law, certain business activities are exempt from GST. These include the sale of non-business items, exports, and financial services. Companies must register with IRAS to become GST registered if they meet the registration threshold or voluntarily register for GST regardless of the value of their taxable turnover. 

  • When paying GST tax collected from customers, can the Singapore company offset the GST tax charged by its suppliers?

    Yes, a Singapore company can offset the GST tax charged by its suppliers when paying the GST tax collected from customers. This is known as the claiming of input tax credit. The company must have a valid Goods and Services Tax (GST) registration number issued by the Inland Revenue Authority of Singapore (IRAS) to claim input tax credits.


    Companies registered for GST must charge GST on the services or goods they supply and pay GST on their purchases. They can then claim for input tax credits to offset the GST paid on their investments.

  • How about Voluntary registration?

    Voluntary registration for GST in Singapore is possible. This means businesses can voluntarily register for GST even if they don't meet the mandatory registration criteria. This could be beneficial if your company expects its taxable turnover to exceed the required compulsory registration threshold shortly, as registering voluntarily allows you to start charging GST sooner and simplifies future compliance processes.


    It is essential to consider the pros and cons of voluntary registration before beginning the process. It may benefit businesses that expect to export goods and services, as they can use GST credits to claim refunds on taxes paid on their exports. However, registering voluntarily also carries additional administrative costs and obligations.