Goods and Service Tax or also known as GST is a type of tax that is imposed on the services and goods that are sold for domestic purposes. Even though this tax is paid by the consumers, it is remitted by the businesses to the government. The business here includes the one that sells such goods and services. Hence, it is a way for the government to avail revenue from the businesses.
Everything related to tax and auditing should be handled by the concerned services. One of such is JL Accounts. Based in Singapore, this accounting service is best known for helping businesses with their GST filing in Singapore. The experts here work on helping their customers to find the best way of filing for taxSes annually without any mistakes or issues. You can visit their webpage to hire their services.
Factors to Know about Goods & Service Tax
Here are some of the many factors that you should understand about it.
- Therate as set by the Singaporean government is 7%. It is a tax that is set on goods for domestic purposes. It is also known by the name VAT in some of the other jurisdictions.
- This tax is charged to the consumer on the other end. The business sector that handles the selling of the goods for domestic purposes will be responsible for many factors from their end such as,
- Paying the required tax to the IRAS
- Collecting and also charging the tax as set by the government by their customers.
- Onlyregistered businesses can charge that tax. The companies that can register for GST should produce the documents stating they have a $1 million turnover every month. Some of the companies that do not have this much turnover a year can also register, after fulfilling some of the required procedures.
- It can be imposed on imported goods as well. Singaporean customs will decide the amount that is levied on the imported goods.
- Some of the business types such as the ones that handle the residential sale or lease properties, financial services, and the supplying and importing companies that focus on the precious metals that are investment-oriented, etc., are exempted from GST.
- Some of the overseas clients will be provided with a certain type of services to their customers when the companies export their goods to such sources. Such companies are exempted from Goods & Services tax.
- Goods and services used by the businesses for paying for the suppliers and also during the purchases from their sources is known as an input tax. Goods and services that is collected from the customers by the businesses is known as output tax.
Here are some of the requirements for the successful filing for GST.
- The turnover with the tax data from the past 12 months, and the document should show the turnover of more than $1 million.
- The company is expecting a turnover of $1 million in the next 12 months and this factor is mentioned in the documents that are submitted.
The filing should be done within 30 days after the completion of the last quarterly time since the turnover exceeded $1 million.
Filing for Goods & Services Tax
Here are some of the procedures that a business should follow while filing.
- Authorise the Concerned People for Filing
Many services can file for GST. Such services include the partners and directors of any business, sole proprietors of any company, and so on. Some of the sources will work mainly on helping such business handlers to understand everything when it comes to filing.
- File for GST Return
As soon as the GST filing procedure is completed, the next step is to file for the GST return. This can be done with the help of some exclusive portals that work on this factor and you can find one to guide you through the procedure.
- Complete the payment procedure after you get the acknowledgment copy
Once you have completed all the required procedures that follow the GST filing, you will be directly guided to the acknowledgement page. This page consists of everything related to the filing including the amount that you paid and the instructions for you to understand everything else. You need to download and save a copy of this page for future references.
Electronic or manual filing for GST is supported in the concerned portal. The required payments for filing for GST should be cleared within the next 30 days after the filing procedure is initiated. While doing so, the concerned companies should mention both their output and input taxes.
The payment as required for the completion of GST filing procedure can be completed in many procedures such as,
- General Interbank Recurring Order (GIRO)
- PayNow QR
- Phone Banking
- Mobile App, and other such online platforms
The display of the acknowledgement page is like an indication that the procedure is completed.