Goods & Services Tax (GST)
Goods & Services Tax (GST) is a broad-based consumption tax levied on domestic supplies of goods and services, as well as goods imported into Singapore. Operating under the current 9% rate requires disciplined bookkeeping, strict tax invoice standards, and timely reconciliation with IRAS.
Supplies in Singapore are categorized as standard-rated (9%), zero-rated (0% for exports and qualifying international services), or exempt (residential property sales/leases, digital payment tokens, and specified financial services). Navigating these classifications requires accurate accounting to safeguard against costly under-declaration fines.
Companies with annual taxable turnover exceeding S$1 million are mandated to register for GST under retrospective or prospective rules. Businesses below this threshold may opt for voluntary registration to recover input tax incurred on operational overheads and capital purchases.
Once voluntarily registered, an entity commits to remaining registered for at least two years and must comply fully with all filing deadlines. JJV Lucky Stars Consultants delivers comprehensive GST stewardship—from initial threshold evaluations and IRAS registration to ongoing quarterly return preparation and input tax maximization.
Turnover Assessment & GST Registration
We conduct an in-depth review of your revenue streams to determine registration triggers. For voluntary registrations, we assemble financial forecasts, business plans, and director undertakings required by the Comptroller of GST to achieve swift approval.
Quarterly GST F5 Returns & Input Tax Audit
We prepare and electronically lodge your quarterly GST Form F5 returns, ensuring all valid input taxes are reclaimed while strictly excluding blocked input tax items under Regulations 26 and 27. We also advise on cash flow schemes such as the Major Exporter Scheme (MES).
Our team assists in maintaining comprehensive GST tax invoices, handling IRAS desk audits, and assisting clients with Voluntary Disclosure Programme (VDP) submissions if past accounting oversights require rectification.
