What is the Process for GST Filing with IRAS?

gst filing iras

If you own an enterprise in Singapore it is prudent to avail a preliminary view of the GST filing IRAS (Inland Revenue Authority of Singapore) necessary for maintaining compliance with taxes. I will take you through GST filing’s essential parts clearly and data-rich.

The Basics of GST Filing to Know

Before we jump into the application, let us get our basics right. GST (Goods and Services Tax) filing is a mandatory process for businesses registered for GST in Singapore. Think of it as your periodic check-up with IRAS to inform it about the GDP collected and paid by you from your business.

When to File GST

Frequency of filing is determined as per your annual turnover:

  • Monthly filing: For businesses whose annual taxable turnover is above $5 million.
  • Quarterly filing: For businesses whose annual taxable turnover is below $5 million.

Pro tip: Block your calendar! Deadlines are normally one month after the close of your accounting period. 

Also Read : Top 7 Payroll Services and Their Fees in Singapore 2024-25 

GST Filing IRAS: Step-by-Step Filing Process

1. Prepare Your Documentation

The first thing to do is gather all the documents you need:

  • Sales invoices
  • Purchase invoices
  • Accounting records
  • Import and export documents

2. Bank statements

First things first, log Into the myTax Portal

  • Here, you should go to IRAS myTax Portal. You will need:
  • CorpPass ID and password
  • GST registration number
  • Your Company’s UEN (Unique Entity Number)

3. Access GST Filing Section

Once logged in-click on: 

  •  GST-select File 
  • GST Return
  • Choose the appropriate accounting period 

4. Filling Out Your GST F5 Form

This is what you need to declare:

  • Total value of standard-rated supplies (box 1)
  • Total value of zero-rated supplies (box 2)
  • Total value of exempt supplies (box 3)
  • Total value of taxable purchases (box 5)
  • Output GST due (box 6)
  • Input GST and refund claims made (box 7)

5. Review and File

  • Before clicking on the submit button:
  • Recheck all figures
  • Check for transpositions
  • Ensure that the supporting documents correspond with the declared amounts. 

 Within "Step-by-Step GST Filing Process" section

GST Filing IRAS: Common Mistakes to Avoid

It is always safe to say; everyone makes mistakes. Therefore, do keep a lookout for the common mistakes:

  • Mistake of letting the deadline slip by.
  • Mistake of misclassifying supplies.
  • Mistake of not keeping proper records.
  • Carelessness in reconciling GST accounts.
  • Mistake of failing to include exempt supplies.

Tips For A Smoother GST Filing

  1. Be Organized: File away every document connected to GST properly.
  2. Use An Accounting Software: Consider a GST-compliant accounting software to automate your calculations and cut down on errors.
  3. Set Reminders: Set calendar alerts to administer deadlines for filing – trust me, it helps!
  4. Regular Review: Don’t wait until the very last minute to check. Check your GST accounts once each month.
  5. Learn: As the IRAS updates its requirements regularly, stay informed through IRAS e-Tax Guides.

After submission: 

  • An acknowledgment will be issued 
  • Pay any GST due within the payment deadline 
  • Keep your records for a period of not lesser than 5 years

Also Read : Best Payroll Service Provider in Singapore: Simplify Payroll with GOHRBPO

Need Help? 

IRAS understands GST filing can be complicated. If you face difficulties: 

 

Final Thoughts

GST filing doesn’t have to be stressful. With proper planning and organization, it can become a smooth part of your business routine. Remember, the key is to stay consistent with your record-keeping and meet those deadlines.

By following this guide and maintaining good GST practices, you’re not just complying with regulations – you’re setting your business up for success. Keep these tips handy, and you’ll find that GST filing becomes more manageable with each submission.

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