Roles and Responsibilities of GST-Registered Company

Charge and Account for GST
Responsibility of the company
  • You need to charge and account for 7% GST to all taxable goods and services ( refer to standard-rated supply )
Business Tax Accountancy Pte Ltd
  • We will educate and ensure that the company knows what goods and services are required to charge goods and services.
File GST Returns

Responsibility of the company

  • You must file accurate GST returns and pay the tax punctually.

Business Tax Accountancy 

  • We will ensure that the company provide the management report punctually and submit the GST returns within one month from the end of each accounting period.
Keep Proper Business and Accounting Records

Responsibility of the company

  • To ensure all business and accounting records for at least 5 years.

Business Tax Accountancy

Display Price with GST

Responsibility of the company

  • To display all price of goods and services with GST.

Business Tax Accountancy

  • We highlight the importance of displaying prices with the proper display format.
  • failure to comply with the requirement is an offence and may be fined by IRAS.
Display GST Registration Number on Invoices/Receipts

Responsibility of the company

  • To ensure the company's GST Registration Number is reflected on all tax invoices and receipts.

Business Tax Accountancy

  • We will educate and advise the company to have a billing template with the included GST Registration Number. 
Inform IRAS of changes to business records

Responsibility of the company

  • To ensure business information is up to date with IRAS

Business Tax Accountancy

Account for all GST at the point of De-Registration

Responsibility of the company

  • To account for all GST upon De-Registration

Business Tax Accountancy

  • At the point of De-Registration, we will prepare all the final reports and De-Register the company from GST.
Additional Obligations for Voluntary Registration

Responsibility of the company

  • The Company is required to use GIRO for payment and refund of GST
  • remain GST-registered for at least 2 years
  • Comply with all the responsibilities as GST-registered business as stated above
  • Ensure that the company have taxable supplies within 2 years, if the company have not made taxable supplies at the point of applying forGST Registration

Business Tax Accountancy

  • We will be understanding the company's structure and supplies to advise on further obligations under Voluntary Registration.