Guide to Filing your GST Return

The Goods and Services Tax was first introduced in Singapore in 2003 as part of a government reform to shift taxes from an income-based to a consumption-based system to boost the nation’s international competitiveness. It is a broad-based consumption tax levied on the import of goods, as well as nearly all supplies of goods and services in Singapore.

GST registered companies must file for GST returns within a month after the end of their accounting period. This is a document that will contain all details regarding sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). The company is then required to pay the resulting tax liability to IRAS.

This section will go through the essentials on filing your GST returns.

1. GST Registration

Businesses are required to register for GST when their taxable turnover or procurement of services from an overseas vendor (where the business will not be entitled to a full input tax credit even if it was GST registered) exceeds $1 million at the end of any calendar year (i.e. 31 Dec).  It is also compulsory for businesses to register for GST on a prospective basis if it can reasonably expect their taxable turnover in next 12 months to be more than S$1 million.

Late registration or failure to register for GST is an offence under the law with serious consequences such as a fine of up to $10,000 and a penalty of 10% of the GST due. Prosecution action may also be applied.

To register, application form – GST F1and supporting documents can be e-filed/uploaded via myTax.iras.gov.sg.

For more details, visit GST Registration.

Companies who are e-Filing its GST return for the first time or have changed the person responsible for filing the GST returns are required to be authorised under CorpPass by the GST-registered business.  If the GST return is filed by a third party, then they must be authorised in CorpPass to act for the GST-registered business.

  • For directors or partners who are filing the GST return for their own businesses,click here.
  • For employees or third parties who are filing the GST returns on behalf of a limited company or partnership, click here.
  • For a liquidator filing GST returns for a liquidated company, click here.

GST-registered companies are required to file their GST return via myTax.iras.gov.sg. Use the CorpPass to log into myTax Portal for “Business Tax Matters” and retrieve your organisation’s GST return.

The following are the returns for filing GST:

  • GST F5 return for periodic filing of GST. Even if you do not have any transactions during the prescribed accounting period, you are still required to e-File a nil return.
  • GST F7 return for disclosing errors on GST returns filed previously. You should correct your error within five years form the end of the relevant GST accounting period. If you have passed the timeline to correct errors made in your past returns, you do not need to submit GST F7.
  • GST F8 return for final filing of GST. You are required to file GST F8 to account for output tax on taxable assets that you have held on hand as at the last day of GST registration.

All GST-registered businesses are required to submit the GST return to the Comptroller of GST within one month after the end of your quarterly/monthly accounting period. A late submission penalty of $200 will be imposed on any GST return not filed on time.

Corrections of errors made in your GST F5/F8 return may be filed using the GST F7 return. You should correct your error within five years form the end of the relevant GST accounting period. If you have passed the timeline to correct errors made in your past returns, you do not need to submit GST F7.

By default, no extensions will be granted as one month after the end of your accounting period is considered to be a reasonable deadline. IRAS will only make exemptions for newly registered businesses and for certain conditional circumstances. To see if you qualify for an extension, click here.

Need help filing your GST returns? Whether you are a start-up looking to establish your first office, or a multinational corporation seeking to expand your presence in Singapore or the Asia Pacific region, our team of professional staff will ensure to deliver service excellence that meet your expectations.

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All materials have been prepared for general information purposes only. The information presented in this document is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice. Professional advisory should be sought before taking or refraining from any action as a result of the contents of this document.