Do I have to file the tax? Whom shall I contact for it? Where shall I pay it? These are few of the questions that swirl in the minds of new taxpayers all over the world. The Singapore tax filing also makes some of the new taxpayers both, individual and business owners to scratch their head.

Luckily, these individuals can go to Singapore tax filing firms like, SBS Consulting, to get their tax related problems solved. The firm employs qualified and experienced Certified Professional Accountants (CPAs), auditors and tax consultants. These professionals do use their industry-wide experience to fulfill the statutory compliance criteria imposed by the authorities. In short, they make it painless for their clients to file and pay their taxes.

Goods and Service Tax (GST) in Singapore

Singapore companies have to pay different types of taxes. Along with the other taxes some of the companies need to pay Goods and Service Tax (GST). Singapore tax filing services help their clients in determining whether they qualify for the GST registration in Singapore.

GST is a consumption tax. Whenever a service or goods are delivered in Singapore by a GST registered business, a 7% of GST is applied to its cost. When the time is ripe, these traders need to pass on, or file the GST collected till-date, to the IRAS’ coffers. The idea behind implementing the GST was to lessen Singapore’s dependence on the direct taxes like, personal and corporate income tax and to charge the expenditure on the consumption.

Who Qualifies for the GST registration in Singapore?

If the turnover of a business for the last 4 quarters exceeds S$1 Million or if it expects the turnover to cross the S$ 1 million mark in the next 4 quarters, then the business is eligible for GST registration. It is a compulsory move for such a business.

Alternatively, a business, for tax purposes, can decide to opt for voluntary GST registration. Whatever the case, the expert and qualified professionals employed by the Singapore tax services assist their clients in sorting out the case.

GST filing in Singapore

Singapore tax filing services also provide their guidance in determining whether their clients need special GST filing cycle or they can do with the normal, quarterly GST filing cycle. If the client requires a special GST filing cycle, then these firms plead the client’s case with the IRAS.

Most of the GST registered business opt for a quarterly cycle of GST filing in Singapore and in addition to other taxes, like, company tax, withholding tax, property tax, etc., pay their GST regularly.

The annual tax filing is the responsibility of the owners and directors of the companies. The government agency that goes by the name of Inland Revenue Authority of Singapore, is a tough nut to crack. Its officials are very strict about tax compliance from the taxpayers and do not tolerate any mistake or tax evasion in the tax filing statements. Offenders, generally, face imprisonment or fines or both.

SBS Consulting Pte Ltd was established in 2010. Since then, the firm has earned a lot of praise for its determination for delivering its services within the context of the Singapore law. The firm has a lot of admirers in Small and Medium Enterprises sector who depend on it for its comprehensive company secretarial, XBRL filings, payroll processing, immigration, GST filing, tax services singapore and other services. Singaporean as well as multinational companies also outsource their corporate business needs to SBS.

SBS Consulting Pte Ltd was established in 2010. Since then, the firm has earned a lot of praise for its determination for delivering its services within the context of the Singapore law. The firm has a lot of admirers in Small and Medium Enterprises sector who depend on it for its comprehensive company secretarial, XBRL filings, payroll processing, immigration, http://www.sbsgroup.com.sg/singapore-taxation/singapore-goods-and-services-tax-gst-information/ GST filing, http://www.sbsgroup.com.sg/singapore-tax-services/ tax services singapore and other services. Singaporean as well as multinational companies also outsource their corporate business needs to SBS.

Author Bio: SBS Consulting Pte Ltd was established in 2010. Since then, the firm has earned a lot of praise for its determination for delivering its services within the context of the Singapore law. The firm has a lot of admirers in Small and Medium Enterprises sector who depend on it for its comprehensive company secretarial, XBRL filings, payroll processing, immigration, GST filing, tax services singapore and other services. Singaporean as well as multinational companies also outsource their corporate business needs to SBS.

Category: Business
Keywords: GST filing, tax services singapore