GST Filing Process: Steps & Deadlines in IRAS Singapore

GST-registered businesses in Singapore must comply with the regulations set by IRAS, ensuring they assess, file periodic returns, and make accurate tax payments. Companies must adhere to these rules to avoid penalties and maintain smooth business operations.

Moreover, filing GST returns involves reporting input and output tax, declaring taxable supplies, and making the necessary payments within deadlines. It ensures transparency and accountability in a regulated tax environment. 

To make it easier for businesses, this guide provides a comprehensive breakdown of the GST e-filing process, GST returns, deadlines, extensions, and all other filing-related compliances for businesses to stay on top of the regulatory requirements. 

What is a GST Return?

A GST return is a document that GST-registered businesses in Singapore must file with the IRAS to report their transactions and tax details for a prescribed period. It summarises key information such as turnover, purchase-related details, or expenses relating to the GST collected and paid by the business. 

• Summary of Transactions: A GST return will contain the value of all transactions subject to GST, including standard-rated supplies, output tax (GST collected), and input tax (GST paid on purchases).
• Quarterly Filing: The businesses are supposed to file the GST returns quarterly, within a month after the reporting period ends.
• Compliance with Tax Rules: Filing GST returns on time helps businesses avoid penalties and additional scrutiny from tax authorities.
• Current GST Rate: The current GST rate in Singapore is 9% (effective as of 2024) and is levied on most goods and services.

Who is Required to File GST Returns in Singapore?

GST returns must be filed by businesses that are GST-registered, whether the registration is compulsory or voluntary. 

• Compulsory Registrants: Businesses whose annual taxable turnover exceeds $1 million.
• Voluntary Registrants: Businesses which have registered for GST voluntarily, even though their turnover is below the threshold.
• Resident and Non-Resident Taxable Persons: Whether you’re a resident or non-resident taxable person, you will have to file timely and accurate GST returns. 

GST Filing Process in Singapore

Here is a brief overview of the GST filing process for all the returns in Singapore. 

Step 1: Authorise Users for GST Filing

• Ensure that the right person is authorised for first-time filers or in case of a change in the person filing the return.
• Any person who files the return must be authorised under Corppass for GST (Filing and Applications).
• Third parties filing for your business, such as a tax agent, also need authorisation.

Step 2: File Your GST Return via myTax Portal

• Log in to the "Business Tax Matters" on myTax Portal using your SingPass.
• SingPass has replaced CorpPass since April 2021.
• The GST filing process is divided into two stages: preparation by the preparer and submission by the approver. 

Step 3: Save Acknowledgement and Make Payment

• Once submitted, you will see an acknowledgment page summarizing your filing.
• If you have GST to pay, make payment by the due date using GIRO, online banking, or other prescribed ways. 
• If you are requesting a refund, you will usually get it within 30 days unless your return is being reviewed.

Required Details for Various GST Returns in Singapore

Before filing your GST returns in Singapore, it's essential to understand the specific details required for each return type. Here’s a breakdown of the key information you need

GST F5 Return

This is the periodic GST return that GST-registered businesses must file on a quarterly basis. It summarizes the taxable supplies, purchases, and input tax claims during an accounting period. It contains 15-21 boxes, depending upon the type of business, and all the amounts will be in Singapore currency only. 

Here are the details asked in a GST F5 return: 

NIL Return

Even if your business has no transactions during an accounting period, you must still file a GST F5 return by filling '0' for all the applicable boxes. By filing a NIL return, you ensure compliance with the regulations and avoid penalties for failure to file.

GST F7 Return

GST F7 is used to amend errors in previously filed GST returns. Businesses are supposed to file this form when adjustments have to be made to correct prior submissions. 

You can refer to the following table to get a detailed insight into when and how to file GST F7 return: 

GST F8 Return

This is the final GST return a business must file on GST deregistration. It accounts for the business assets held on the last day of registration and all the supplies with invoices or payments made after the deregistration of the business. 

Filing a GST F8 is almost the same as filing a GST F5, except in a few areas. The GST F8 is used once the business cancels its GST registration. Here are the key aspects of GST F8 Filing:

• Business assets held at the end of registration: You must account for GST on any business assets you hold on the last day of your registration.
• Supplies made before your cancellation date: For supplies made before your cancellation date but where the invoice and payment occur after the cancellation date, you will still be expected to account for GST on these transactions.

Reporting in the GST F8

• Box 1: Report the value of assets and supplies of goods/services that fall under these categories.
• Box 6: Report the corresponding GST amount to be accounted for.

Deadlines for Filing GST Returns

Here is a breakdown of the GST filing deadline in Singapore. The deadlines depend upon whether businesses are following the GIRO plan or not. A GST-registered person with a General Interbank Recurring Order (GIRO) plan in place for GST payments, has a further fifteen days to pay the GST due.

Due dates for special accounting periods: The due date for filing for businesses under special GST accounting periods is one month from the end of the Special Accounting Period.

Consequences for Late or Non-Filing of Tax Returns

Failure to file your GST returns on or before the due date is an offence. IRAS may take the following actions:

• An immediate penalty of $200 is imposed for late filing.
• A further penalty of $200 is imposed for every complete month the return is not filed.
• The maximum penalty per late return is $10,000.

Conclusion

Filing your GST returns on time is important to avoid penalties and complications. Whether it is filing GST F5, F7, or F8, accuracy and timeliness are crucial. Late or non-filing may lead to estimated assessments, late payment penalties, and even legal action in extreme cases. 

Businesses can stay compliant with GST requirements by understanding the filing deadlines, correction options, and the consequences of missed deadlines. Remember, accurate and timely filing of your GST return will save you from costly penalties and ensure smooth business operations.