What is GST?
Goods and Services Tax-GST is a broad-based consumption tax imposed on imported goods and almost all supplies of products and services in Singapore.
In other countries, this tax may also be known as Value-added Tax (VAT).
This expenditure tax is currently set at 7% and is administered and enforced by the Inland Revenue Authority of Singapore (IRAS) on behalf of the Singapore Government.
If your company’s revenue exceeds or is expected to exceed $1 million, you will be required to register for GST within a 30 days time frame.
How do I charge and collect GST?
Output tax is GST to be charged on top of the selling price of your supplies sold to your customers and must be paid to the Inland Revenue Authority of Singapore (IRAS).
Input tax is GST incurred on your company’s business purchases and expenses, including imported goods, which are paid to your suppliers.
Exported goods and international services are considered Zero-Rated Supplies and are charged at 0%.
Using the Deskera Books system, you can set your cost price and selling price to be GST inclusive or exclusive.
How do I pay GST?
Your net payment of GST to IRAS will be the total output tax offset by input tax.
Considering if you have a higher output tax, your business will incur GST payable.
If your business has a higher input tax, you will receive a GST refund.
How do I file GST?
Before you file your GST, you can use the GST Report function to review your GST transactions.
Your periodic filing of GST can be made easier using the GST Form 5 generated by the system.