If your company does business in Singapore that exceeds SGD 1 million in annual turnover, you must register for Goods and Services Tax. You can apply for GST registration either retrospectively (if you already have crossed the threshold) or on a prospective basis (if your projections show that you will cross the threshold in the next 12 months). If you make goods or services that are zero supply, or tax-exempt, you don’t have to be registered but may choose to do so anyway to claim input taxes from your suppliers. Learn more about GST registration
What Is GST?
GST is a value-added tax that applies to most goods and services in Singapore. It’s levied at each stage of a supply chain, starting from the manufacture of an item through to its sale to the consumer. This multi-stage nature of the tax explains why GST rates are so high in comparison with other countries.
When Do You Need to Register?
If the value of your taxable supplies in Singapore in the last 4 quarters has exceeded SGD 1 million, you must register for GST retrospectively. You can also be liable for compulsory GST registration on a prospective basis if you expect your taxable supplies in Singapore to exceed SGD 1 million within 30 days of the end of a quarter*, and you have supporting documentation to prove this.
If you are applying for a GST registration on a prospective basis, a security deposit of SGD 5,000 is required. You must also provide proof of your legal entity, such as a copy of your corporate documents from ACRA, or a letter from your accountant with the same details. You must also complete an online application form, known as GST F1, and submit it along with the other necessary documents. If you are a joint venture, you must include copies of all the partnership agreements that establish your governance, objects, rules, and activities.