GST-registered companies in Singapore normally need to submit their GST return and pay the due amount within 1 month after the end of the accounting period. Many companies submit their GST returns every quarter.

What Is the Deadline for GST Filing in Singapore?

The deadline for GST filing in Singapore is one (01) month after the end of the mentioned accounting period. For instance, if the quarterly accounting period of a company is 1^st April to 30^th June, the GST filing return is due by 31^st July.

The IRAS portal generally requires GST returns to be submitted through the myTax Portal electronically. The company is supposed to file a Nil GST return if it has not done any transactions during the accounting period. For instance, if a company collected 20,000 SGD of output GST from clients and utilized 11,000 SGD of required input GST on company expenses, the net payable GST would be 9,000 SGD.

How Does Quarterly GST Return Work?

A quarterly GST return in Singapore means that companies need to file their GST transactions for a period of 03 month. For example, a business submitting quarterly would have these periods:

• July – September

• October – December

• January – March

• April – June

• The GST return filing for each accounting period is normally due one month after the period completes.

What Are Common GST Filing Mistakes?

Wrong GST return filing can create unnecessary tax compliance and liability issues, including:

• Claiming input GST without valid supporting drafts

• Claiming GST on expenditures where input tax is excluded

• Mentioning sales in the incorrect GST category

• Using wrong GST rates and codes in the software

• Submitting a Nil return incorrectly by failing to submit it together

• Forgetting to mention relevant transactions

• Treating exempt or zero-rated supplies as they were before

• The IRAS portal particularly mentions errors including disallowed expenditures and unassisted input GST tax claims. Companies are supposed to review their GST returns carefully before filing.

How to stay compliant?

The convenient way to organize a quarterly GST return in Singapore is to treat GST compliance as an ongoing accounting procedure rather than a quarterly task. Companies are supposed to:

• Keep bookkeeping records updated throughout the year

• Make a reconciliation of sales and purchases records regularly

• Check the GST treatment before claiming input tax

• Keep valid and supporting documents

• Review and monitor the GST return before filing

• Correct the errors when needed

• Keep a record of accounting and sources for the mentioned period.

Example

A Quarterly GST Return

Let us consider a company that has an accounting period from April to June. During this quarter, the company records 250,000 SGS in sales and charges 20,000 SGS in output GST. It also has business purchases amounting to 12,000 SGD. The company reconciles the purchase and sales invoices and accounting records before filing. The net GST position of the company is therefore:

• 20,000 SGD – 12,000 SGD = 8,000 SGD payable

• As the accounting period of this company ends on 30^th June, it needs to file its GST return by 31^st July and pay 8,000 SGD.

What Happens If a Business Submits Late GST?

• If a company files late GST in Singapore, it can lead to financial repercussions. The IRAS portal calls the failure to submit a GST return by the due date an offence. IRAS may impose fines and financial penalties, issue an estimated assessment, or take recovery action.

Conclusion

In the end, it can be concluded that GST compliance in Singapore includes more than just filing GST returns every quarter. Companies are supposed to understand their deadlines, maintain precise records, correct any errors if any, and claim input tax accurately. The GST registration threshold of 1 million ought to be monitored as the company grows, because it can create additional GST obligations by crossing the mandatory registration threshold.

Companies can reduce their filing errors, avoid unnecessary financial fines, and remain compliant with the IRAS requirements with regular GST reviews and proper bookkeeping.

Call to Inquire

We, at FAST ACCOUNTING, are here to assist companies in Singapore in managing their complete GST compliance process, such as bookkeeping, GST registration, GST filing, reconciliation, and error correction. We have experienced professionals who can help you meet your GST filing deadlines in Singapore and ensure your quarterly GST returns are prepared precisely, while you can focus on your core business operations. Reach out to us today to learn more about our professional bookkeeping and GST compliance services.