Goods & Service Tax Singapore

The Singapore Goods and Services Tax (GST) is a tax charged on the supply of goods and services made in Singapore and on the importation of goods into Singapore. The current rate for GST is 7%.

Your business must be registered to collect GST if your annual turnover exceeds or is likely to exceed S$1 million from the sale of taxable goods and services. This requirement may be waived if most of your goods or services are exported or supplied internationally (zero-rated supplies).

All goods and services are taxable and known as taxable supplies. However, some items are specifically exempt from GST by law. Exempted items include financial services and the sale or lease of residential properties.

BizCom’s tax professionals possess the expertise necessary to assist you in GST registration, GST accounting and the compilation for e-filing of F5.

Estimated fees for reference: (please contact us for free quotation)

A. GST compilation and e-filing of GST F5 (per quarter)
1. Low volume transactions – SGD$100 to 200

2. Medium volume transactions – SGD$200 to 400

3. High volume transactions – SGD$400 to 800

The above level of transactions per month/quarter/year is determined by the followings:
Low
Medium
High

Number of sale invoices
0-20
20-50
>50

Turnover amount
$0-$50k
$50k-$500k
>$500k

Bank statement transactions (no. of pages)
1
1 – 2
>2

Number of cheque payments
0-10
10 – 30
>30

1 + 14 =