By MoneyBees
Check whether you must register for GST under IRAS's S$1 million retrospective and prospective tests, by when to apply and when you start charging 9%, with the zero-rated exemption, voluntary and overseas vendor rules.
When your taxable turnover was more than S$1 million for a calendar year (retrospective view), or you expect it to be more than S$1 million in the next 12 months (prospective view). Taxable turnover is your standard-rated and zero-rated sales.
Apply between 1 and 30 Jan of the year after the calendar year in which turnover passed S$1 million. You are registered from 1 Mar of that year.
Apply within 30 days of the date of your forecast. If the forecast is on or after 1 Jul 2025, you are registered 2 months from the forecast date. Before that, registration started on the 31st day.
A forecast must be backed by documents such as signed contracts or accepted quotations. A forecast based on market assessments, business plans or sales targets does not make you liable.
No. Sales of capital assets such as machinery, equipment, office buildings and furniture are left out of taxable turnover, as are exempt and out-of-scope sales.
If more than 90% of your taxable supplies are zero-rated, you can apply to IRAS for exemption from GST registration. IRAS reviews it if the share falls to 90% or below.
Yes. You must stay registered for at least 2 years, apply for GIRO, and usually complete IRAS's Overview of GST e-learning course. IRAS may ask for a guarantee.
IRAS backdates your registration and you pay GST on the sales since then. You may also face a fine of up to S$10,000 and a penalty of 10% of the GST due.
Under the overseas vendor regime, yes, if global turnover is over S$1 million and sales of digital or remote services or low-value goods to Singapore consumers are over S$100,000 a year.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).