The GST
rate in Singapore is set at 7%. Except those which are clearly
stipulated by the laws, all goods and services are taxable by GST.
Among others that are exempted are financial services and the lease or
sale of residential properties.
Rikvin assists companies—both local and foreign—in registering for GST with IRAS as part of its specializations.
“Companies
that have annual turnover of more than S$1 million from sale of any
taxable goods and services should register for GST collection
eligibility so they can collect GST from their clients,” explains one
business consultants of Rikvin, “the same thing can be said to
companies with valid bases to suppose that the turnover will reach S$1
million in the next 12 months.”
Besides this compulsory, companies may also register voluntarily.
“There
is no limit to the structure of business that can register for GST.
Even government bodies, statutory boards, non-profit organizations,
clubs and associations or management corporations and organizations
should or could register for GST,” says Rikvin in continuation.
The
business consultant adds: “When a company is registered for GST, it is
authorized to claim back the GST it incurred on its business purchases.
If its GST paid is more than the GST collected, the company can collect
the difference from IRAS through GST refund. Also, if GST rate
increases, it is sensible for a company to register voluntarily and
collect GST to claim back the GST contracted on business purchases.”
As part of its services, Rikvin can provide assistance
in assessing whether the company is obliged to register for GST or
voluntarily register for it. For voluntary registration, Rikvin will
help in weighing down the impact of registration to its performance and
overall existence.
“Sole proprietors register the GST in their
personal name as their businesses don’t have legal personality separate
from them. There will be one GST registration number issued for all the
businesses owned by one sole proprietor,” elucidates Rikvin.
Rikvin
says in addition: “For partnerships, the taxable turnover of all
partnerships having the same composition of partners will be taken in
composite to ascertain the liability to register for GST. If the same
partners setup 2 partnership ventures, the total turnover of these 2
business ventures will determine the necessity of registration.”
Rikvin’s
accountants help companies in two ways. They can register for GST the
companies with IRAS and file for GST on basis such as monthly,
quarterly, and semi-annually.
For more information, visit:
http://www.rikvin.com
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887
Fax : (65) 6438 2436
Email : info@rikvin.com
Rikvin provides Singapore Company Registration service
including securing your Singapore Employment Pass and Singapore
EntrePass Visa for Singapore Business Migration.
Via http://www.impactwire.com/a/8345/GST-Service-Rendered-By-Rikvin
