GST Submission Services in Singapore - Reliable and Comprehensive GST Filing Services for Businesses

Understanding GST Returns

GST returns are essential for tracking all GST-related transactions within a company's accounting period. These include:

• Standard-rated supplies
• Output tax: GST collected from sales
• Input tax: GST paid on business-related purchases

The GST rate in Singapore is 9% (effective from January 2024). Businesses must file GST returns quarterly via the myTax Portal within one month after the end of each reporting period. Timely and accurate filing ensures compliance and avoids unnecessary penalties.

Who Needs to File GST Returns?

All GST-registered businesses are required to file GST returns, including:

• Businesses with an annual taxable turnover exceeding S$1 million (compulsory registration).
• Businesses that have voluntarily registered for GST.

Even if no transactions occur during the reporting period, businesses must submit a 'Nil' GST return to stay compliant.

Key Deadlines for GST Filing

GST returns are due one month after the end of each accounting period. For example:

• Accounting period ending 30 June: GST return due by 31 July.

Filing must be completed via the myTax Portal, where businesses can also make payments or claim refunds. Late submissions attract penalties and interest charges, so adhering to deadlines is crucial.

Steps to Prepare and File Your GST Return

1. Gather Supporting Documents

   Ensure all necessary documents are organized, including:

   • Sales invoices
   • Purchase receipts
   • Records of GST collected and paid

   Proper documentation ensures accuracy and prevents errors during filing.

2. Calculate Output and Input Taxes

   • Output Tax: GST collected from your sales.
   • Input Tax: GST paid on business purchases and expenses.

   Using reliable accounting software can streamline calculations and reduce manual errors.

3. Submit Your GST Return via myTax Portal

   • Log in with your CorpPass.
   • Select 'File GST Return/Edit Past Return' under the GST tab.
   • Review and submit your return. An acknowledgment will confirm successful submission.

Completing the GST F5 Form

The GST F5 return is the main form for filing GST transactions. Key sections include:

1. Standard-Rated Supplies (Box 1)

   Report the total value of taxable supplies (excluding GST).

2. Output Tax Due (Box 6)

   Declare GST collected on standard-rated supplies.

3. Input Tax and Refunds Claimed (Box 7)

   Include GST paid on eligible business expenses.

Accurate completion of these sections ensures compliance and minimizes the risk of audits.

Handling Errors and Amendments

Mistakes in GST returns can lead to penalties. If errors are identified after submission:

• Next Return Adjustments: Correct minor errors in the subsequent return.
• Amended Returns: File a GST F7 form for significant errors, providing details of corrections.

Notify IRAS promptly to mitigate penalties and maintain compliance.

Consequences of Non-Compliance

Failure to file GST returns on time can result in:

• Estimated Notice of Assessment (NOA)
• 5% late payment penalty, with an additional 1% per month on unpaid amounts.

Consistent non-compliance may lead to increased scrutiny or legal action. Filing 'Nil' returns during inactive periods helps avoid these consequences.

Why Choose Apexia Corporate Advisory for GST Filing Services?

1. Expertise and Accuracy

   Our experienced team ensures your GST returns are accurate and compliant with IRAS regulations.

2. Time-Saving Solutions

   Outsource your GST filing to Apexia Corporate Advisory and focus on growing your business while we handle compliance.

3. Error Prevention

   We help identify and resolve discrepancies, reducing the risk of penalties and audits.

4. Comprehensive Support

   From calculating taxes to filing amendments, our end-to-end GST services ensure peace of mind.

Contact Apexia Corporate Advisory Today. Simplify your GST return filing process with Apexia Corporate Advisory. Let our experts handle your compliance needs, ensuring timely and accurate submissions. Get in Touch to learn more about our professional GST services for Singapore businesses.