Rikvin Provides GST Singapore Filing Services 

by Ilya Velson Thursday, April 28, 2011
A tax imposed on imported goods and services in Singapore is the Goods and Services tax collected by Singapore’s taxing authorities, IRAS. In other countries, it is known as Value-Added tax.

The current rate of GST is 7% and it covers all supplies of services and goods available in Singapore. Its only exemptions are the sales and leases made from residential properties and the provision of most financial services in Singapore.

There are two types of GST registration that happen in Singapore: compulsory and voluntary.

Rikvin proffers assistance to companies in a few ways. It can assess the company and determine whether there exists a ground for it to have a compulsory registration for GST. If the company is not obliged, Rikvin can still aid in weighing the advantages and drawback of having a voluntary registration.

“If a company’s turnover is more than S$1 million annually, such company is required to register with IRAS for GST,” says Rikvin’s female business consultant, “if the turnover is below that margin, the company may voluntarily register for GST.”

After the registration, the company shall be given an exclusive GST number and it shall be authorized to collect GST from its clients for every good purchased and every service availed.

“The collected GST tax from clients by the companies is called the output tax, which is remitted to IRAS,” she utters, “while the GST incurred by the company upon its own purchases and expenses is known as the input tax.”

Companies can claim input tax if the conditions for claiming such as set by IRAS itself are met. This mechanism shall make certain that the only value-added is taxed at corresponding stage of a supply chain.

She adds: “A GST-registered company is required to submit its GST return to IRAS after the prescribed accounting period, which is set on a quarterly basis. In the GST return, both the output and input taxes within the accounting period are declared by the company.”

The difference between the output tax and the input tax is termed as the net GST payable to IRAS or refundable by IRAS.

Meanwhile, a company that chooses to register voluntarily shall remain registered for two years after the GST comptroller approves its application.

“Many companies decide to do the voluntary registration so they can claim back the GST input tax they incurred during their official business purchases,” the business consultant chimes, “when the GST rate increases, it is also sensible to voluntarily register to claim back the GST input tax.”

Rikvin can also register a company for GST and help in its preparation of documents for filing and remittance. As a business solutions creator, it offers compliance requirements such as the annual returns and income tax return.

About the Publisher:
Rikvin has successfully helped foreign and local entrepreneurs form a Singapore company. The company provides complete corporate solutions to investors and entrepreneurs both local and abroad. Among its specializations are Singapore company registration, income tax Singapore and providing professional services relating to financing and compliance services.

Rikvin assures its clients of confidence in dealing with every transaction. Its employees maintain competence and above all, Rikvin’s principles adhere to business ethics and all applicable laws. Its goal is to provide a highly personalized and professional service worthy of our clients loyalty.

“Our phones are answered during business hours by specialists and not by an answering machine. We appreciate the value of your time and understand that a person cannot be replaced by technology. This is especially true when it comes to making important business decisions.”

For more information, visit:
Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email : info@rikvin.com
Website: http://www.rikvin.com/

Rikvin offers Singapore Company Registration service including securing your Singapore Employment Pass and Singapore EntrePass Visa for Singapore Business Migration.

General | Categories: financial, business
0    submitted by Ilya Velson
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