Asiabizservices Offers Goods and Services Tax (GST) Filing 

A company that helps foreign individual, entrepreneur or a business professional who wants to setup a Singapore company as an individual.

by Daniel Wright Friday, December 17, 2010
In an interview with Asiabizservices, a company that provides assistance to companies in registering for GST, one of its business consultant said that GST registration can be compulsory to some companies and voluntary to others with revenues as the determining factor.

“Having a business turnover of more than S$1 million for the past 4 quarters compels a company to register for GST,” stressed Asiabizservices adding that should a company making sales expected to exceed S$1 million for the next 12 months, such company must be registered for GST as well.

In any of the said premises, companies ought to register with IRAS for GST within 30 days from gaining knowledge of being qualified for such requirement. On the other hand, companies register voluntarily for GST if it deems fitting for their companies. However, Asiabizservices reminds about its implication.

Said Asiabizservices: “Before companies decide for voluntary registration, it is best that they conduct cost-benefit analysis as at times, the administrative cost may overshadow the advantages.”

IRAS maintains criteria to determine the qualification of a company for GST voluntary registration. Asiabizservices continues elaborating, “If a company is intent on making taxable supplies or if a business is already engaged in making taxable supplies, however, its annual turnover does not reach S$1 million, and when a business exports goods or make exempt supplies of financial services that are classified as international services, it may register for GST.”

A voluntary registration for GST entitles the company to charge GST tax on their clients for every purchase of goods or avail of services they made. It can also claim input tax incurred throughout the course of business, especially, when the company makes zero-rated supplies.

Prior to their voluntary registration, the company should be on GIRO plan for payment or refund of GST and they ought to provide security deposit as deemed necessary by the Comptroller for GST.

Asiabiz Services provides assistance to companies for Singapore GST registration after the company has been registered with ACRA. It also arranges the schedule to attend the seminar on Introduction to GST which is compulsory among newly registered.

About the Publisher:
Asiabizservices offers one-stop business solutions to companies, particularly, those that are managed and owned by foreign investors. Since its inception, Asiabizservices has successfully helped foreign entrepreneurs form a Singapore company. Among its specializations are Singapore company setup, corporate services, accounting services, nominee services, company registration, whether as a sole proprietorship, private limited, limited liability partnership; offshore company formation, incorporation of foreign companies either as a branch or subsidiary office, accounting services including payroll preparation and more.

Asiabizservices is the leading provider of Singapore Company Incorporation services and has successfully helped thousands of both local and foreign entrepreneurs Incorporate a Singapore Company. It also provides chartered secretarial services.

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:
AsiaBizServices PTE LTD
address: 120 Telok Ayer Street Singapore 068589
phone: +6563034614
email: sales@asiabizservices.com
website: http://www.asiabizservices.com/

Singapore Company Formation Service, We provide company registration,incorporation, immigration, accounting and taxation services to entrepreneurs and businesses worldwide.

General | Categories: financial, business
0    submitted by Daniel Wright
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