What is GST registration? GST, an abbreviation for Goods and Services Tax, is an annual consumption tax which is levied on the distribution of certain goods and service offerings. It's an indirect tax paid on the sale of certain goods and service offerings offered by a GST Registered business. The basic function of the tax is to ensure that the state's sales tax is uniformly enforced across the board.
Why is it necessary to obtain GST registration? GST Registration facilitates the collection of state sales tax from vendors who do not have a registration with the Revenue Board of Singapore. Vendors may register with the Department of Revenue. They pay a fee for this service. The department then checks all submitted filed of tax returns and issues the tax papers to the seller, usually the importer. The seller then sends the invoice to the Department of Revenue, who handles the GST registration Singapore.
What's the advantage of getting a GST registration? The main advantage is that you are required to pay a reasonable amount of tax when you sell your products and services to customers within the country or beyond. This ensures that the importer complies with the tax system in your own country, and does not risk being levied with an additional tax in another country. It ensures that the sales price of the product is not subject to depreciation. On top of that, if you are selling goods and service that are more than what your country's sales tax allows, you can use the extra to offset your Singaporean tax debt, thereby further lowering the taxable cost of the product or service.
The process of getting a GST registration is not too difficult. You will be required to fill out a registration form with information such as the name, address and date of birth of the business entity. If the business is not registered at the present time, the tax office will require you to show evidence of the same (usually a proof of address and contact number) before they consider approving your application for a compulsory registration.
The next step after submitting your application is to choose the kind of tax payment system you would like to adopt. Two options are available to you: you can either pay through the Singaporean money transfer system known as SingPay or through the electronic funds transfer system commonly known as e-currency. Both these systems allow for payments of sales tax to be made by your business to the designated account. However, in case of e-currency purchases, your business will incur an electronic transaction fee that is payable according to the rate stipulated by the exchange. Your purchase also cannot exceed the allowed limit, irrespective of whether you have paid by Singaporean money or e-currency.
The final step involves the submission of an application for the electronic tax payment system referred to as GST registration. The prescribed forms for this purpose can be obtained from your nearest branch or distributor. Online services will usually offer this service on the same day that your application is filed. However, you should be careful about the claims that may be made by the company regarding fast processing and reduced fees. Hence, it is advisable to make your own evaluation of the same before submitting your online request for the same.
Once all the formalities are completed, the Singapore authorities will issue a certificate that will provide you with permanent resident status. However, despite of having gained the status, you may still have to obtain an exit door if you have not yet ceased trading or owned other businesses in the country. On the other hand, there is no law that states that you have to remain resident in the country for the entire term specified in the tax year. In such a situation, you may apply for tax refund on the basis of the annual turnover in the current year. This is known as the simplified income tax system. However, it is important to point out that the refund will be computed under the standard income tax system and not the simplified one.
As explained above, it is important to ensure that you do not become a victim of fraud companies that promise to issue refunds on behalf of the sellers or the consumers. To ensure this, it is important to undertake an elaborate research about the companies in question. Apart from this, there are many online forums where people talk about the issues related to the GST registration of their businesses and other related subjects. Such discussions are very useful for understanding the actual practice and functioning of the industry in Singapore. One thing that can be noted is that as long as the sellers pay the taxes that are required of them, they will never be asked to pay the additional GST Registration.
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