Did you know settling dues with your supplier within a year is crucial?
Businesses that claim GST input tax should ensure that payment is made to the supplier within the prescribed timeframe.
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Did you know that interest received has to be reported in the GST return?
Interest received from local banks or companies is generally treated as an exempt supply.
Did you know GST is chargeable when transferring a business?
During a business transfer, the GST-registered transferor is generally required to account for GST on the business assets transferred.
Did you know GST accounting extends to employee use of company assets?
Where a business has claimed input tax on the purchase of a company asset.
Did you know you must file a GST return even with no business activity?
GST-registered businesses are still required to file a GST return even if there were no business transactions during the accounting period.
Did you know you can claim GST incurred before registration?
Yes. Businesses may be able to claim GST incurred before GST registration, subject to the pre-registration GST claim rules.
Did you know that you may be liable for GST registration even if you are an overseas supplier?
The OVR regime generally applies to B2C supplies of remote services and low-value goods made to customers in Singapore.
Did you know employee-incurred expenses may not qualify for GST claims?
GST may be claimable where the company can demonstrate that the employee was acting as an agent of the company.
Did you know deposits and downpayments can attract GST?
GST is generally chargeable where the deposit or downpayment represents partial payment for goods or services supplied.
Did you know that not all services provided to overseas customers can be zero-rated?
A trade-in transaction is generally not treated as a single supply for GST purposes. Instead, there are typically two separate supplies involved in the transaction.