Accounting Solutions Singapore
Business Services, Tax Services, Accounting & Tax Services
Your company needs the assistance from a GST service firm for GST registration in Singapore. A local accounting firm, with a GST Service department, is familiar with GST Act and the registration process.
Once you are a GST-Registered business in Singapore, you are required to file accurate GST returns and pay GST due on time.
Other requirements are as follows:
1. Businesses must maintain proper accounting and business records for a minimum of five (5) years.
2. The tax invoices must reflect the business GST Registration number.
3. The tax invoices must display both GST-inclusive price and GST-exclusive price – at a noticeable area on the tax invoice.
5. For filing GST returns later or not filing, this is an offence with a fine up to SGD 5,000 and in default of payment, the incarceration term is up to a maximum of six months.
6. For paying later or not payable GST due, businesses may pay a penalty.
7. For submission of incorrect GST returns, companies may pay a penalty up to 200% of the tax undercharged, liable to a fine and an incarceration term.
8. For correction of errors in the past GST returns, businesses have five (5) years from the end of the relevant accounting periods.
9. Do inform IRAS on any changes in your business within 30 days (i.e. address, business name, ownership, and name of shareholders)
For more information, please visit: http://www.accountingsolutionssingapore.com/gst-services/
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