A guide to GST registration for companies in Singapore

Understanding the Goods and Services Tax (GST) in Singapore can be challenging for business owners. Complex regulations, frequent guideline updates, and strict record-keeping requirements can make tax compliance difficult.

Beyond meeting regulatory requirements, managing GST effectively is essential, as it directly impacts your business finances and day-to-day operations. A clear understanding of GST helps you optimise cash flow and streamline financial processes.

In our article, we’ll dive into the fundamentals of GST registration for businesses. You'll learn when and how to register for GST, get answers to frequently asked questions, and find valuable resources from the Inland Revenue Authority of Singapore (IRAS) on GST registration.

We’ll also explore how fintech solutions like Airwallex simplify financial management for businesses. Our comprehensive suite of solutions empowers businesses like yours – so you can focus on growth and expansion.

What is the Goods and Services Tax (GST)?

Goods and Services Tax (GST) is a consumption tax on goods and services sold in Singapore. GST-registered businesses must charge GST on sales, collect the tax from customers, and pay the amount to the IRAS. GST isn’t an additional cost to businesses – it's a tax that you collect from customers on behalf of the government.

When should businesses register for GST?

Compulsory registration

You must register for GST if your taxable turnover exceeds S$1 million in the past 12 months or if you expect to exceed this amount in the next 12 months. If your sales have crossed this threshold, you must register for GST within 30 days to avoid late registration penalties.¹

Voluntary registration

Even if your taxable turnover doesn’t meet the S$1 million threshold, you may choose to register for GST voluntarily.

There are various benefits to doing this. You’ll be able to claim input tax credits and get back the GST you pay on business expenses, which reduces overall costs.

Voluntary GST registration also enhances your company’s credibility. It shows that you comply with tax regulations and signals to suppliers and customers that your business is generating ‌significant turnover.

However, registering for GST comes with additional responsibilities, so you’ll have to weigh the benefits against the costs. You need to fulfil the obligations for voluntary registration, including filing your GST returns on time, maintaining accurate records, and complying with auditing standards.

Once registered, your business needs to remain GST-registered for at least two years. This could impact long-term financial planning, so it’s a decision that requires careful consideration.²

What is the GST registration process for businesses in Singapore?

Registering for GST in Singapore involves several steps: determining your GST registration type, preparing necessary documents, submitting your application online, and ensuring compliance with GST regulations.

Step 1: determine your GST registration type

First, start by identifying whether your company needs to register for GST or if voluntary registration is an option.

As we’ve highlighted in the section above, GST registration is compulsory for businesses with a taxable turnover exceeding S$1 million. If your taxable turnover falls below this threshold, you may opt for voluntary registration if the benefits of doing so outweigh the potential costs.

Step 2: prepare the required documents for your GST registration

Next, gather the necessary documents for your GST registration. These documents fall under two categories – Section A and Section B. You may refer to the GST registration document checklist by IRAS for a full list of the required documents.³

Step 3: submit your GST registration application

Submit your GST registration application through the myTax Portal on the IRAS website.

Before submitting, ensure that all required documents, including financial records, invoices, and business registration details, are complete and accurate. Any missing or incorrect information can cause delays, so take the time to review everything carefully.

Step 4: monitor the application status for your GST registration

IRAS typically processes GST applications within 10 business days. However, if additional verification or supporting documents are needed, the process may take longer. If more than 30 days have passed since submitting all supporting documents, follow up with IRAS by submitting an enquiry form on their website.⁴

After submission, track your application status via the myTax Portal. Once approved, you’ll receive an approval letter informing you of your GST registration number and effective date of GST registration. From this date, you must begin charging and collecting GST on taxable supplies.

Step 5: understand the responsibilities of a GST-registered company

As a GST-registered business in Singapore, you’ll need to charge 9% GST on taxable supplies, and file GST returns quarterly through the myTax Portal.

You’ll also need to maintain proper records, declare GST on imported goods, and ensure that you comply with IRAS regulations. Late filings or inaccurate submissions can result in penalties and fines, so tracking deadlines and keeping accurate financial records is key.⁵

If your company no longer meets the GST registration requirements, you’ll need to apply for GST cancellation through the myTax Portal. Most applications are approved on the same day.⁶

Simplify your financial management with Airwallex

Managing taxes can feel overwhelming, but staying compliant doesn’t have to be difficult. To handle your taxes efficiently, you need accurate tracking, seamless reconciliation, and automated processes. With the right approach, you can reduce the administrative burden and keep your business tax-ready.

Airwallex helps businesses streamline financial operations with solutions such as cross-border payments, multi-currency cards, Expense Management, and more.

Key features:

• Seamless accounting integration: Airwallex integrates with accounting software like Xero, QuickBooks, and NetSuite to automate financial tracking, reduce manual work, and simplify reconciliation.

• Virtual and physical cards with in-built Expense Management: Airwallex lets you instantly issue multi-currency Corporate Cards, set spending controls, and categorise expenses with ease – helping you maintain financial accuracy and streamline operations. With real-time expense tracking, you can monitor team spending in a single dashboard, track all card transactions as they happen, and simplify reimbursements. This gives you greater visibility and control while reducing administrative work.

• Multi-currency support: With Global Accounts, you can open currency accounts with unique account details around the world in 23 currencies. This lets you receive payments from international customers in their preferred currency and spend proceeds later in the same currency, eliminating unnecessary conversion fees, and streamlining your cross-border transactions.

Before using Airwallex, Singaporean travel agency EU Holidays struggled with slow corporate card issuance and complex expense management. Managing multiple bank cards internally also created bottlenecks and accounting challenges.

With Airwallex, EU Holidays was able to instantly issue 20 employee cards with set spending limits, simplifying accounting and reducing time spent on administrative tasks by up to 60%.

By using Airwallex, you cut down admin work, improve tax compliance, and streamline financial operations so you can focus on what matters most – taking your business to the next level.

Frequently asked questions (FAQs)

1. How long does the GST registration process for companies take?

IRAS processes most applications within 10 working days. If additional documents or further verification are required, processing may take up to 30 days or longer.⁷

2. How to find the GST registration number for a business?

Once IRAS approves your registration, they will assign a GST registration number to your business. You can find this number in your approval letter from IRAS.

To find or verify a supplier’s or vendor’s GST registration number, use the IRAS GST Registered Business Search tool. Simply enter the company’s registered business name, Unique Entity Number (UEN), or National Registration Identity Card (NRIC) number to check their GST registration.⁸

3. What are GST return filing deadlines and penalties businesses need to be aware of?

You’ll need to file your GST returns quarterly using the myTax Portal. The filing and payment deadlines are due one month after the end of the accounting period covered by your GST return.

Keeping track of your due dates is essential. You’ll incur a late submission fine of S$200 if you fail to file your GST return by the due date. This amount increases by S$200 each month until the return is submitted, up to a maximum of S$10,000.⁹

If you miss your GST payment deadline, a 5% late payment fee applies to the overdue amount. Additional penalties will be imposed if the payment remains outstanding.¹⁰

4. Are there additional resources to guide businesses through the GST registration process?

IRAS has created the following resources to help businesses navigate the GST registration process:

• Assisted Self-help Kit (ASK): This self-assessment compliance tool is designed to help businesses review their tax filings and documentation. It’s particularly helpful for businesses that have just registered for GST, or are filing their GST returns for the first time. You can use the tool to verify the accuracy of your GST submissions, identify errors, and correct them before an IRAS audit. This helps ensure compliance and minimises the risk of penalties.¹¹

• IRAS GST registration document checklist: This resource outlines all the documents you’ll need to submit under Sections A and B. These include your business plan, invoices, licences, permits, and incorporation documents. Before submitting your application, run through the checklist to make sure you haven’t missed out on any required documents.

Sources:

1. https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-registration-deregistration/do-i-need-to-register-for-gst

2. https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-registration-deregistration/factors-to-consider-before-registering-voluntarily-for-gst

3. https://www.iras.gov.sg/media/docs/default-source/uploadedfiles/pdf/document-checklist.pdf?sfvrsn=3c483799\\\_51

4. https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-registration-deregistration/applying-for-gst-registration

5. https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/filing-gst/late-filing-or-non-filing-of-GST-returns-f5-f8

6. https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-registration-deregistration/cancelling-gst-registration

7. https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-registration-deregistration/applying-for-gst-registration

8. https://www.iras.gov.sg/digital-services/gst

9. https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/basics-of-gst/responsibilities-of-a-gst-registered-business

10. https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/gst-payments-refunds/late-payment-or-non-payment-of-gst

11. https://www.iras.gov.sg/taxes/goods-services-tax-(gst)/getting-it-right/voluntary-compliance-initiatives/assisted-self-help-kit-(ask)

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.