How to apply for GST registration in Singapore
GST Singapore stands for Goods and Services Tax Singapore, it is an indirect tax imposed on the supply of goods and services in Singapore and import of goods into Singapore. On April 1, 1994, Singapore GST had introduced and as of now, GST Filing rate is fixed at 7%. The Singapore government introduced the concept of GST Registration with a plan to transfer the focus from direct taxes to indirect taxes. Singapore has been successful in keeping GST by having one of the most attractive and flexible tax systems in the world as well as income tax rates low and stable. Remember, GST is imposed on consumption and not on income. It is compulsory for traders whose turnover is more than $1 million, to start GST Quarterly Filing on a regular basis. A company in Singapore must register for GST on a compulsory basis if Taxable turnover for the past 4 quarters is more than $1M and not certain that turnover will not exceed $1M in the next 12 months; or Reasonably expect taxable turnove...