Knowing the ins and outs of GST, or any tax can be made easier with good accounting software. ABSS accounting software can help you with your GST, and other tax, calculations, reports, payments, records and even refunds. Don’t pay tax if you don’t have to. Don’t waste valuable time and energy on detailed tax returns when you don’t have to. ABSS accounting software generates reports for tax and GST for your small business saving you time and money. Good business relies on finding good information quickly, so here is a quick guide to what you need to know about Singapore GST, and how ABSS accounting software can help you with this.
The first question you should ask yourself is, do I need to pay Singapore GST? As a small business, you must register for GST only when your taxable turnover exceeds $1 million SGD. If your business does not exceed $1 million GST in taxable turnover, you may still choose to register for GST voluntarily.
GST is a broad-based consumption tax levied on the import of goods, as well as nearly all supplies of goods and services. It is collected by Singapore Customs. Knowing how GST works shouldn’t be a daunting task and using ABSS Accounting Software will help you get a better understanding, quickly. GST will be levied on
a) goods and services supplied in Singapore by any taxable person doing business; and
b) goods imported into Singapore by any person
Standard supply is rated liable to GST at 7%. A zero-rated supply is liable to GST at 0%. A GST registered trader doesn’t need to charge GST on their zero-rated supplies but can still get a refund of the tax paid on inputs. In Singapore, only exports of goods and international services are zero-rated GST whilst sale, and lease of residential properties, most financial services and the importation and local supply of investment precious metals are exempt from GST.
Localisation of your small business in Singapore means you have to meet Singapore local tax and reporting requirements. All GST-registered companies in Singapore are required to meet with GST compliance: (GST) standards, GST reporting and GST return. Manually preparing and calculating GST figures and reports can be a time-consuming, dull and daunting task. You may also make some mistakes if you try to do it manually. Any non-compliance or errors will cost you more resources and time to rectify and can lead to financial penalties too. So why not make your GST compliance easy by using ABSS accounting software.
After you have determined that you do need to pay GST and have registered for GST, here are some quick, easy steps to generate a GST report with ABSS accounting software. This will help you with filing and payment and GST refund too.
Make your GST filing, payment and recording in Singapore easier with ABSS accounting software. It will save you money, time and energy, reduce your mistakes and allow you to run your small business more smoothly in Singapore. You may even find that you are due a GST refund that you didn’t expect!