GST - Do I Need to Register for GST?

If you are engaged with Harvest Accounting for monthly accounting, we will monitor your accounts and advise if GST compulsory GST registration is likely to be triggered. Please read on to learn about the factors for compulsory GST registration.

You must register for compulsory GST registration if your taxable turnover is:

1. Under the retrospective view, more than $1 million at the end of the calendar year, or

2. Under the prospective view, expected to be more than $1 million in the next 12 months

What is taxable turnover?

Taxable turnover refers to the total value of all taxable supplies made in Singapore in the course or furtherance of businesses, which include:

1. standard-rated supplies (e.g. local supply of goods or services), and

2. zero-rated supplies (e.g. export of goods or supply of international services ),

but exclude:

1. exempt supplies (including exempt supplies that fall within the definition of international services, e.g. financial services provided to overseas persons, and are thus zero-rated),

2. out-of-scope supplies, and

3. sale of capital assets (e.g. sale of machinery, equipment, office building and furniture).

Exception

You will not be required to register for GST if:

1. Your taxable turnover is derived wholly or mainly from zero-rated supplies and you apply for exemption from registration.

2. You are liable for GST registration under the retrospective view but not under the prospective view and the following conditions are met:

   1. You are certain that your taxable turnover for the next 12 months will not exceed S$1 million

   2. The taxable turnover is projected to be lower due to specific circumstances (e.g. large-scale downsizing of business)

   3. You have supporting documentation to substantiate your projection

Key dates

If your taxable turnover at the end of the calendar year is more than $1 million (i.e. you must register under the retrospective view), you must register for GST by 30 Jan. You will be registered for GST on 1 Mar.

Voluntary GST registration

In certain circumstances it may be beneficial to voluntarily register for GST, even when it is not compulsory. One of the benefits of registering for GST is that you can claim the GST incurred on your purchases, subject to the conditions for claiming input tax.

Please read through Factors to Consider Before Registering Voluntarily for GST and speak with us if you are considering to register, as the costs of being GST registered may outweigh the benefits.

GST - Do I Need to Register for GST? | Charging GST to Customers | Claiming GST

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