Responsibilities of a GST-Registered Business in Singapore

As a GST-registered business in Singapore, you must adhere to several key responsibilities to ensure compliance with Goods and Services Tax (GST) regulations. Firstly, you are required to charge and account for GST on all standard-rated supplies of goods and services made within Singapore at the rate of 9%. This includes imported services under the Business-to-Business (B2B) Reverse Charge regime and imported digital services under the Business-to-Consumer (B2C) Overseas Vendor Registration regime. From January 2023, GST also applies to imported low-value goods and non-digital services (B2C). If you make local sales of certain prescribed goods (like mobile phones and memory cards) exceeding $10,000, GST-registered customers must account for the GST instead of you, the supplier.

Filing GST returns accurately and on time is another critical responsibility. All GST returns must be submitted via mytax.iras.gov.sg within one month from the end of each accounting period, even if no transactions have occurred, which necessitates a “NIL” return. Failure to file on time can result in penalties up to $10,000. Additionally, the tax due must be paid within one month from the end of each accounting period. Late payments incur a 5% penalty, with further penalties accruing for prolonged delays.

Maintaining proper business and accounting records is essential. You are required to keep these records for at least five years, even if your business ceases operations or you deregister from GST. This ensures that all transactions and GST filings can be verified if necessary.

Price displays for your goods and services must include GST. Any advertisements, publications, or quotations must show GST-inclusive prices, ensuring transparency for your customers. If both GST-inclusive and GST-exclusive prices are shown, the inclusive price must be displayed prominently.

Issuing tax invoices that include your GST registration number is mandatory for standard-rated supplies. If the total amount payable for a supply does not exceed $1,000, you may issue a simplified tax invoice. This requirement helps customers who are also GST-registered to claim the GST incurred.

You must inform the Comptroller within 30 days of any changes to your business circumstances. This includes changes in your GST mailing address, business constitution or ownership, or the setup of new partnership businesses with the same composition of partners.

If your GST registration is cancelled, you need to account for GST on business assets held on the last day of registration if their total market value exceeds $10,000 and GST was previously claimed on these assets. These assets include inventories, fixed assets, non-residential properties, and goods imported under various GST schemes.

For businesses that voluntarily register for GST, there are additional obligations. You must use GIRO for GST payments and refunds, remain GST-registered for at least two years, and comply fully with all GST responsibilities. From November 2025, you must also comply with the InvoiceNow Requirement if it applies to your business.

Compulsory registrants must comply with any conditions imposed by IRAS to protect revenue. If there is evidence of involvement in fraudulent activities, the Comptroller may cancel the GST registration.

In summary, as a GST-registered business in Singapore, you must charge and account for GST on applicable supplies, file accurate GST returns and pay tax due on time, maintain proper records, display prices inclusive of GST, issue proper tax invoices, notify IRAS of business changes, and account for GST at deregistration. Voluntary and compulsory registrants have additional specific obligations to adhere to ensure full compliance and avoid penalties.