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


Goods And Services Tax (GST)

What Is GST?

  • Goods and Services Tax (GST) is a tax charged on the supply of goods and services made in Singapore and on the importation of goods into Singapore.
  • The current rate is 7% since 1 July 2007.

What Goods And Services Are Subject To GST?

  • All goods and services are taxable and known as taxable supplies.
  • However, some items are specifically exempt from GST by law. Exempted items include financial services and the sale or lease of residential properties.

When Do I Pay GST?

  • You have to pay GST when you buy goods or services from GST-registered businesses and when you import goods into Singapore. For imports, GST is paid to Singapore Customs.

When Do I Collect GST?

  • You can collect GST if you register with the Comptroller of GST to collect GST.

When Is It Compulsory To Register?

  • Your business may register to collect GST if your annual turnover exceeds or is likely to exceed S$1 million from the sale of taxable goods and services.
  • This requirement may be waived if most of your goods or services are exported or supplied internationally ("zero-rated supplies").

Why Should I Register?

  • Most businesses register for GST to claim back the GST incurred on their business purchases.
  • When GST paid exceeds GST collected, the difference can be claimed from IRAS as a GST refund.
  • When GST collected exceeds GST paid, you have to pay the difference to IRAS.
  • When GST rate increase, it may make business sense to voluntarily register to collect GST in order to claim back GST incurred on business purchases.

 

 
 
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