GST Submission Service
GST Submission Service
Reporting GST for your business is mandatory if you are GST registered
If you have a registered business in Singapore, it is compulsory for your business to register for the Goods and Services Tax (GST) when its annual taxable supplies exceed $1million per year. Once you have registered, you must charge GST on your goods or services at the prevailing rate. This GST that is charged and collected is known as output tax. The output tax must be paid to IRAS.
One of the perks that comes with being a registered GST company, is that your company gets to enjoy and claim 7% of the input tax from IRAS for purchases and expenses incurred by your business. You can choose to apply for GST voluntarily if you are not a company that has up to $1million turnover yearly, after careful consideration.
When you become a GST registered business, then you should make GST reports quarterly. The task of preparing your GST as a business owner can be stressful and difficult because not all business owners have the required knowledge and expertise to carry out such tasks. If you accidentally make a mistake, you could be in serious trouble with IRAS for submitting error-filled GST submissions.
Our company provides the following GST submission services including:
- Application for GST registration.
- Completion and submission of GST returns
- Cancellations of GST registration.
Benefits of using Redstone alliance shared service
As we highly suggest using QuickBooks Online (QBO) for your daily bookkeeping, it also supports you in completing and submitting GST returns with a click of a button. Intuit, the developer of QBO has partnered with IRAS to provide tax submissions services. QBO centralizes all the documents, numbers and figures and makes submissions for GST returns as easy as ABC. The QBO has functions that prepares a template form identical to the IRAS GST Form 5, with filled-in details taken from your accounts. They also have functions that direct you to the IRAS GST form and they provide a manual for filing GST returns. This ensures that you file your GST returns properly as required by IRAS. QBO is the best software to use for GST services in Singapore.