Businesses in Singapore are required to pay a value-added tax called Goods and Services Tax (GST). This is one of the liabilities of Singapore businesses, which must be paid to the Inland Revenue Authority of Singapore (IRAS) within due dates. Getting GST filing right is thus important for any business to avoid penalties and stay compliant.

If a Singapore company’s global sales exceed the minimum threshold of $1.0 million, it must register for GST and comply with all the rules around GST rate and collection, invoicing, and filing returns. The tax is levied at 7% on all taxable supplies made in Singapore, and IRAS requires that the business collects and remits the tax to them quarterly. If the business does not file its returns on time, it will face penalties of up to SGD 10,000 and may be prosecuted.

To make the filing process simpler, IRAS has designed a web portal which is easy to use and understand. The interface is intuitive and user-friendly, and the system is continually being improved to improve the experience for users. It also has a variety of tools to help companies keep track of their liabilities and ensure they file their returns accurately and on time.

However, many companies find the process of gst filing singapore gst filing singapore daunting because there are numerous details to take into account. They also have to deal with multiple forms and spreadsheets, and the figures must be carefully computed. In addition, the figures must be submitted in the correct currency. This is because IRAS uses approved exchange rates to determine the GST payable.

If a business is new to GST filing, it can refer to IRAS’s GST Assisted Self-help Kit or ASK to guide its first few submissions. The ASK program is a comprehensive set of guidelines that offers instructions on how to maintain records, meet deadlines, and implement internal controls that support perfect transaction reporting for GST purposes. It also provides pre-filing checklists that companies can use to estimate the accuracy of their documents before submitting them.

Besides the ASK program, there are other GST-related support schemes that businesses can tap into. For example, the ASK Annual Review helps companies recheck their past GST submissions to detect errors in advance. Then they can rectify the mistakes before submitting them again.

Aside from these support schemes, there are a few key things that companies should bear in mind when they are filing their GST returns. For starters, they should be aware that the first submission of their return must be correct. Incorrect submissions can result in a penalty of SGD 200 per month for every incorrect return that is submitted, up to a maximum of SGD 10,000.

Another thing to remember is that a company’s GST submission must be submitted by the end of the prescribed accounting period. If it does not, it will have to pay a late payment penalty of up to 10% of the GST that was collected.