{"id":1064,"date":"2024-11-11T05:41:11","date_gmt":"2024-11-11T05:41:11","guid":{"rendered":"https:\/\/gohrbpo.com\/blog\/?p=1064"},"modified":"2024-11-12T02:33:39","modified_gmt":"2024-11-12T02:33:39","slug":"what-is-the-process-for-gst-filing-iras","status":"publish","type":"post","link":"https:\/\/gohrbpo.com\/blog\/what-is-the-process-for-gst-filing-iras\/","title":{"rendered":"What is the Process for GST Filing with IRAS?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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&#8217;s essential parts clearly and data-rich.<\/span><\/p>\n<h2><b>The Basics of GST Filing to Know<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<h2><b>When to File GST<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Frequency of filing is determined as per your annual turnover:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Monthly filing:<\/b><span style=\"font-weight: 400;\"> For businesses whose annual taxable turnover is above $5 million.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Quarterly filing: <\/b><span style=\"font-weight: 400;\">For businesses whose annual taxable turnover is below $5 million.<\/span><\/li>\n<\/ul>\n<p><b>Pro tip: <\/b><span style=\"font-weight: 400;\">Block your calendar! Deadlines are normally one month after the close of your accounting period.\u00a0<\/span><\/p>\n<p>Also Read : <a href=\"https:\/\/gohrbpo.com\/blog\/top-7-payroll-services-and-their-fees-in-singapore-2024-25\/\">Top 7 Payroll Services and Their Fees in Singapore 2024-25\u00a0<\/a><\/p>\n<h2><b>GST Filing IRAS: Step-by-Step Filing Process<\/b><\/h2>\n<h3><b>1. Prepare Your Documentation<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The first thing to do is gather all the documents you need:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sales invoices<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Purchase invoices<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Accounting records<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Import and export documents<\/span><\/li>\n<\/ul>\n<h3><b>2. Bank statements<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">First things first, log Into the myTax Portal<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Here, you should go to <\/span><a href=\"https:\/\/mytax.iras.gov.sg\/login\/selection\" target=\"_blank\" rel=\"noopener\"><b>IRAS myTax Portal<\/b><\/a><span style=\"font-weight: 400;\">. You will need:<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">CorpPass ID and password<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">GST registration number<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your Company&#8217;s UEN (Unique Entity Number)<\/span><\/li>\n<\/ul>\n<h3><b>3. Access GST Filing Section<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Once logged in-click on:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0GST-select File\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">GST Return<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Choose the appropriate accounting period\u00a0<\/span><\/li>\n<\/ul>\n<h3><b>4. Filling Out Your GST F5 Form<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">This is what you need to declare:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Total value of standard-rated supplies (box 1)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Total value of zero-rated supplies (box 2)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Total value of exempt supplies (box 3)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Total value of taxable purchases (box 5)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Output GST due (box 6)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Input GST and refund claims made (box 7)<\/span><\/li>\n<\/ul>\n<h3><b>5. Review and File<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Before clicking on the submit button:<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Recheck all figures<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Check for transpositions<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ensure that the supporting documents correspond with the declared amounts.\u00a0<\/span><\/li>\n<\/ul>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-1066 size-full\" src=\"https:\/\/gohrbpo.com\/blog\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-11-at-11.08.45-AM.jpeg\" alt=\" Within &quot;Step-by-Step GST Filing Process&quot; section \" width=\"1600\" height=\"900\" srcset=\"https:\/\/gohrbpo.com\/blog\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-11-at-11.08.45-AM.jpeg 1600w, https:\/\/gohrbpo.com\/blog\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-11-at-11.08.45-AM-300x169.jpeg 300w, https:\/\/gohrbpo.com\/blog\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-11-at-11.08.45-AM-1024x576.jpeg 1024w, https:\/\/gohrbpo.com\/blog\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-11-at-11.08.45-AM-768x432.jpeg 768w, https:\/\/gohrbpo.com\/blog\/wp-content\/uploads\/2024\/11\/WhatsApp-Image-2024-11-11-at-11.08.45-AM-1536x864.jpeg 1536w\" sizes=\"(max-width: 1600px) 100vw, 1600px\" \/><\/p>\n<h2><b>GST Filing IRAS: Common Mistakes to Avoid<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">It is always safe to say; everyone makes mistakes. Therefore, do keep a lookout for the common mistakes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mistake of letting the deadline slip by.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mistake of misclassifying supplies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mistake of not keeping proper records.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Carelessness in reconciling GST accounts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mistake of failing to include exempt supplies.<\/span><\/li>\n<\/ul>\n<h2><b>Tips For A Smoother GST Filing<\/b><\/h2>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Be Organized: <\/b><span style=\"font-weight: 400;\">File away every document connected to GST properly.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Use An Accounting Software:<\/b><span style=\"font-weight: 400;\"> Consider a GST-compliant accounting software to automate your calculations and cut down on errors.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Set Reminders: <\/b><span style=\"font-weight: 400;\">Set calendar alerts to administer deadlines for filing \u2013 trust me, it helps!<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Regular Review:<\/b><span style=\"font-weight: 400;\"> Don&#8217;t wait until the very last minute to check. Check your GST accounts once each month.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Learn:<\/b><span style=\"font-weight: 400;\"> As the IRAS updates its requirements regularly, stay informed through <\/span><a href=\"https:\/\/www.iras.gov.sg\/quick-links\/e-tax-guides?taxtype=&amp;industries=&amp;topics=&amp;years=&amp;keyword=&amp;sort=datedesc&amp;page=1\" target=\"_blank\" rel=\"noopener\"><b>IRAS e-Tax Guides<\/b><\/a><b>.<\/b><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">After submission:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">An acknowledgment will be issued\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pay any GST due within the payment deadline\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Keep your records for a period of not lesser than 5 years<\/span><\/li>\n<\/ul>\n<p>Also Read : <a href=\"https:\/\/gohrbpo.com\/blog\/best-payroll-service-provider-in-singapore\/\">Best Payroll Service Provider in Singapore: Simplify Payroll with GOHRBPO<\/a><\/p>\n<h2><b>Need Help?\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">IRAS understands GST filing can be complicated. If you face difficulties:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Call IRAS at 1800-356-8633\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Email gst@iras.gov.sg\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Visit the <\/span><a href=\"https:\/\/www.iras.gov.sg\/contact-us\" target=\"_blank\" rel=\"noopener\"><b>IRAS GST Division<\/b><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h2><b>Final Thoughts<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">GST filing doesn&#8217;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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By following this guide and maintaining good GST practices, you&#8217;re not just complying with regulations \u2013 you&#8217;re setting your business up for success. Keep these tips handy, and you&#8217;ll find that GST filing becomes more manageable with each submission.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s essential parts clearly and data-rich. The Basics of GST Filing to Know Before we jump into the [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":1065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[],"class_list":["post-1064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-iras"],"_links":{"self":[{"href":"https:\/\/gohrbpo.com\/blog\/wp-json\/wp\/v2\/posts\/1064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gohrbpo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gohrbpo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gohrbpo.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/gohrbpo.com\/blog\/wp-json\/wp\/v2\/comments?post=1064"}],"version-history":[{"count":2,"href":"https:\/\/gohrbpo.com\/blog\/wp-json\/wp\/v2\/posts\/1064\/revisions"}],"predecessor-version":[{"id":1071,"href":"https:\/\/gohrbpo.com\/blog\/wp-json\/wp\/v2\/posts\/1064\/revisions\/1071"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gohrbpo.com\/blog\/wp-json\/wp\/v2\/media\/1065"}],"wp:attachment":[{"href":"https:\/\/gohrbpo.com\/blog\/wp-json\/wp\/v2\/media?parent=1064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gohrbpo.com\/blog\/wp-json\/wp\/v2\/categories?post=1064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gohrbpo.com\/blog\/wp-json\/wp\/v2\/tags?post=1064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}