1. What is GST registration?
If your company’s total turnover is more than $1 million for the past 12 months or is expected to exceed $1 million in the next 12 months, you must register for Goods & Services Tax (GST). If your turnover is less than $1 million, registration is not mandatory, but your company can register for GST voluntarily.
2. Even if my turnover is less than $1 million, should I still consider registering my business for GST?
If the amount of GST you can claim is greater than the costs involved in setting up a system to comply with GST rules, you could consider GST registration.
3. If I voluntarily register my business for GST, what are the terms and conditions applicable?
You will need to stay registered for at least two years.
4.Can I defray the costs involved in complying with GST registration?
Yes, you can. There are government schemes available that can help you defray your costs, including the Accounting Software Assistance Scheme by the Inland Revenue Authority of Singapore and the Infocomm Development Authority of Singapore.