Consumption Tax in Singapore (Goods and Services Tax – GST)

Singapore’s consumption tax, known as the Goods and Services Tax (GST), is a tax imposed on imported goods and all goods and services provided in Singapore. This tax is equivalent to Value Added Tax (VAT) in several other countries, and the tax burden is borne entirely by the end consumer.

Companies that sell goods or services with an annual turnover exceeding S$1 million are required to register for GST.
For registered taxpayers, the amount of GST payable is the difference between the output tax and the input tax paid on the purchase of goods or services.

Since July 1, 2007, the GST rate in Singapore has been set at 7%. Sales and rentals of residential properties, as well as most financial services, are exempt from GST. Meanwhile, exported goods and services are subject to a zero percent rate (zero-rated GST).

GST Registration and Reporting Services by EsinBiz

According to the Singapore Inland Revenue Authority (IRAS) regulations, GST reporting must be done electronically through the official website of the tax authority by filling out the GST reporting form.

Usually, GST reporting is done every quarter (once every 3 months) and must be completed within one month after the end of the quarter.

However, taxpayers may also apply to report monthly or every six months, with the same deadline of one month after the end of the period.

In addition to providing GST registration and reporting services, EsinBiz also offers professional consulting for various tax compliance needs and guidance on how to obtain incentives or awards from the government in accordance with applicable regulations.