Please note that the GST Assistance scheme has already expired. For the newer government grant, please visit the Accounting Software Assistance Scheme (ASAS).

Benefits

The aim of the GST Assistance Scheme is to help SMEs (Smalll & Medium Enterprises) adjust to the increased rate in GST. The Singapore Government has set aside $30 million over two years for this scheme, and is expecting some 11,000 SMEs to volunteer to be GST registered over the next two years.

The Government will also consider injecting more funds into this scheme should the funds be used up before two years.

Singapore-based enterprises which qualify for this assistance scheme will receive a one-time grant to subsidise up to S$5,000 of the following cost components incurred in GST registration;

• up to 100% of accounting software costs, and
• 50% of the qualifying costs for the following cost items, all of which subject to a maximum grant of $5,000 per company:
  • Professional fees and training costs charged by third party IT consultants;
  • Hardware costs; and
  • Subscription fees and one time activation charges for a new internet connection

All qualifying costs must be incurred after project commencement or effective GST registration date, whichever is earlier.

For more information on how to become a voluntary GST registrant, please visit www.iras.gov.sg. Upon successful application as a voluntary GST trader, the SME applicant can then apply to SPRING Singapore for the GST Assistance Scheme.

The grant support is capped at $5,000 per company.