Answer 4 quick questions to find out if your Singapore business must register for GST — or whether voluntary registration makes sense. Then track your monthly revenue against the S$1M threshold.
You must register for GST within 30 days of your taxable turnover exceeding S$1M in a 12-month period. Late registration attracts penalties from IRAS.
Businesses below S$1M can voluntarily register, especially if they have significant input tax to reclaim. You must maintain registration for at least 2 years.
Once registered, you must file GST returns (GST F5) quarterly with IRAS. Failure to file on time results in a 5% late payment penalty plus enforcement action.
Certain supplies — including most financial services and residential property — are exempt from GST. Businesses dealing primarily in exempt supplies typically cannot claim back input tax.