Please note that the GST Assistance scheme has already expired. For the newer government grant, please visit the Accounting Software Assistance Scheme (ASAS).
Eligibility
The qualifying criteria for this assistance scheme are as follows:
- The SME (Small & Medium Enterprise) should be registered or incorporated in Singapore.
- The SME should be a voluntary GST registrant (turnover of less
than S$1 million), and is applying for GST registration for the first
time.
- For all SMEs, the fixed assets at net book value computed at
group* basis should be no more than S$15 million. In addition, for
non-manufacturing SMEs, the total employment computed at
group* basis should be no more than 200 employees.
* FAI and employment size will be computed on a group basis ie checking up to 3
levels for corporate shareholders holding 20% or more of the total shareholding
in the company and 1 level down where the company holds 50% or more of the
shareholding in a subsidiary company.
The scheme is open to all Singapore-based SMEs, as long as they meet
the qualifying criteria stated above.
- SMEs who are applying for this assistance scheme should not be GST
registered traders prior to 1 March 2007.
- SMEs who are applying for this assistance scheme should be GST
registered no later than 31 March 2009 (extended to 30 June 2009) Updated!
What if my business does not meet any of the qualifying criteria or
conditions above?
The objective of the GST Assistance Scheme is to help reduce the
compliance cost for SMEs who wish to voluntary register for GST. Hence,
businesses will need to meet the qualifying criteria as highlighted to be
eligible for the GST Assistance Scheme.
Need further assistance, contact us .
Things to note
- You can apply for the GST Assistance Scheme only once
- Your application for the GST Assistance Scheme should be submitted to SPRING Singapore within three months upon IRAS' approval of your voluntary GST registration
- Your project should be completed within 6 months
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