Can a business register for GST even if its taxable turnover is below S$1 million?
Yes. Businesses in Singapore may apply for voluntary GST registration even if their taxable turnover does not exceed the compulsory GST registration threshold of S$1 million.
What is voluntary GST registration?
Voluntary GST registration allows businesses that do not meet the compulsory GST registration threshold to register for GST with IRAS.
Why do businesses apply for voluntary GST registration?
One of the main reasons for voluntary GST registration is to recover GST incurred on local purchases and business expenses.
When should a business consider voluntary GST registration?
Businesses may consider voluntary GST registration where the GST incurred on business expenses and purchases is significant and input tax recovery may be beneficial.
