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

    • 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

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

    • 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

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.