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Companies that have registered for GST are required to file GST returns within one month of the end of their accounting period. GST returns contain details regarding the sales, purchases, GST collected on sales, and GST paid on purchases. The company is required to pay the resulting GST liability to IRAS, if any.

GST registration

If a company’s taxable turnover exceeds S$1 million at the end of the calendar year (i.e. 31 Dec), the company is required to register for GST under the retrospective basis. A company must also register for GST on a prospective basis if it reasonably expects its taxable turnover to exceed S$1 million in the next 12 months. Companies that are exempt from the requirement to register for GST may opt to do so voluntarily.

According to the legislation, failing to register for GST on time can result in substantial penalties, including of fines up to S$10,000 and penalties equal to 10% of the GST owed. Prosecution action may also be applied.

Authorise Users To File GST Return

Companies who are e-Filing its GST return for the first time or have changed the person responsible for filing the GST return are required to be authorised under CorpPass by the GST-registered companies. If the GST return is filed by a third party, then they must be authorised in CorpPass to act for the GST-registered companies.

E-file company’s GST return

GST-registered companies are required to file their GST return via mytax.iras.gov.sg. The authorise personnel can use the CorpPass to log into myTax Portal and file their company’s GST return.

The following are the returns for filing GST
  • GST F5 return is for the periodic filing of GST (either on a monthly or quarterly basis). Companies are required to e-file a return with NIL even they do not have any transactions during the prescribed accounting period.
  • GST F7 return is for disclosing of the errors on GST F5 returns filed previously. Companies should correct the error within five years from the end of the relevant GST accounting period. If companies have passed the timeline to correct errors made in their past returns, they do not need to submit GST F7 return.
  • GST F8 return is the filing of final GST return up to the last day of GST registration. Companies are required to file GST F8 return to account for output tax on taxable assets held on the last day of GST registration.

Filing period

The GST return must be submitted by all GST-registered businesses to the Comptroller of GST within one month of the end of the accounting period (either on a monthly or quarterly basis). Any GST return that is not filed by the deadline will be subject to a S$200 late submission penalty.

Correction of errors of GST return

The GST F7 return can be used to file corrections for errors found in the GST F5 or F8 return. Companies should correct the error within five years from the end of the relevant GST accounting period. Companies do not need to submit a GST F7 return if the timeline for correcting the mistakes in prior filings has passed.

Extension of GST return

There will be no extensions given for the filing of GST return because one month after the end of the accounting period is considered as a fair deadline. Exemptions will only be granted by IRAS to newly registered companies and under specific conditions.

Records keeping requirements

Companies must retain their proper records of all business transactions for 5 years from the date of business transaction, even after the GST registration has been cancelled before the end of the 5 year period.