Responsibilities of GST-Registered Businesses

Last updated on 27 June 2022

All companies and businesses that are Goods and Services Tax (GST) registered are required by law to charge and account for GST to all taxable goods and services, file its quarterly GST-returns, pay GST punctually and maintain records of its accounts for at least 5 years.

Submission of GST returns

All GST returns (F5/F8) must be submitted via within one month from the end of each GST accounting period. Companies can check their filing due date on myTax Portal or engage a company providing GST filing and accounting services in Singapore. A “NIL” return needs to be filed even if there were no transactions during the period. Late or non-filing may result in late submission penalties, summons issued to directors/sole-proprietors and issuance of an estimated Notice of Assessment for GST not filed.

Payment of GST

Payments for GST are also due one month after the end of the accounting period reflected in the GST returns. Any late or non-payment will immediately incur a 5% penalty, with an additional penalty of 2% per month on tax remaining unpaid after 60 days from the due date of the prescribed accounting period.

Display GST-inclusive prices

All prices displayed to the public or customers must be inclusive of GST. If GST-exclusive prices are displayed, GST-inclusive prices must be just as prominently displayed. Failure to do so may result in a fine of up to $5,000.

Include GST registration number in tax invoices

All tax invoices and receipts are required to reflect the company’s GST registration number. All GST-registered businesses are required to issue tax invoices or customer accounting tax invoices for all standard-rated supplies.

Inform IRAS of any changes to business

Any changes to business circumstances should be updated with IRAS, including:

  • change in business constitution,
  • change in ownership,
  • change in partner(s) or particulars of partner(s),
  • transfer of business as a going concern,
  • change in financial year end (for non-ACRA registered entities), and
  • setting up of new partnerships business with the same composition of partners.

Most changes lodged with ACRA, such as company name and mailing address, will be automatically updated with IRAS by the following week.

GST de-registration

Businesses that de-registers for GST are required to account for GST on business assets held on the last day of registration. According to IRAS, these assets include inventories, fixed assets, non-residential properties and goods imported under the various GST schemes.

As GST filing and maintaining proper records can be daunting and complicated, finding a reliable partner for your GST compilation and filing needs is key in ensuring you meet your GST obligations.