What is the Roles & Responsibility of a GST Registered Business
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
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- We will educate and ensure that the company knows what goods and services are required to charge goods and services.
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.
Responsibility of the company
- To ensure all business and accounting records for at least 5 years.
Business Tax Accountancy
- We will keep all management reports done by our company for at least 5 years. You may refer to our book-keeping services and fees.
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.
Responsibility of the company
- To ensure the company's GST Registration Number is reflected on all tax invoices and receipts.
Business Tax Accountancy
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- We will educate and advise the company to have a billing template with the included GST Registration Number.
Responsibility of the company
- To ensure business information is up to date with IRAS
Business Tax Accountancy
- We will be able to keep all business details up to date as the company's corporate secretary. (refer to our Corporate Secretary Services )
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.
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.
