GST Obligations after Registration

In this article, you will learn of your obligations after GST registration

Implementing GST

Your business becomes a GST-registered entity from the Effective Date of Registration as specified in the approval letter. Under GST regulations, there are responsibilities that you need to fulfill.

Charge GST for standard-rated supplies
For supplies of goods and services made in Singapore (standard-rated supplies), you will need to charge GST of 8% for 2023 and 9% effective 2024 onwards.

E-File accurate GST returns and pay the tax due in a timely manner

  • GST returns must be submitted within one month from the end of each accounting period. If there is no transaction done, you are still required to submit a “NIL” GST return.
  • For non/late submission of GST return, IRAS may impose penalty of $200 per month for each month that the return remains outstanding (capped at $10,000 for each outstanding return).
  • IRAS may issue an estimated assessment of the tax due and the amount is subject to late payment penalties. The estimated assessment will only be revised upon receipt of GST return. The late payment penalty will be revised accordingly.
  • Tax due must be paid within one month from the end of each accounting period.
  • For non/late payment, a 5% penalty will be levied on the amount of tax unpaid by the due date and an additional penalty of 2% per month on tax remaining unpaid after 60 days from the due date of the prescribed accounting period (capped at a maximum of 50% of the outstanding tax) may also be imposed.

Keep business and accounting records
Business and Accounting Records must be kept for a minimum period of 5 years.

Display price with GST
Any price displays, advertisements, publications or quotations in respect of goods or services made to the public must be inclusive of GST. Non-compliance towards GST inclusive price display requirements may result in fines not exceeding $5,000.

Issue tax invoices and reflect GST Registration Number
You will need to issue tax invoices for all your standard rated supplies, and your GST Registration Number must be reflected on all your invoices and receipts.

For Voluntary GST Registrants
If you have voluntarily registered for GST, you will need to fulfill the following additional requirements:

  • To Remain Registered for at least TWO years
  • Make taxable supplies within two years (this means that you cannot be dormant or have no income for two years from the date of registration)
  • Complete e-Learning courses on IRAS’s GST website
  • Must be on GIRO arrangement for GST payments and refunds with IRAS
  • In certain cases, IRAS may request for a security deposit from you.