What is GST? When is a company liable to register for GST?

GST stands for Goods and Services Tax. The company is liable to register for GST when its annual taxable turnover is more than S$1 million or it is currently making taxable supplies and its annual taxable turnover is expected to be more than S$1 million for the next 12 months. A company may choose to register for GST voluntarily if the annual sales turnover is less than S$1 million, however, the company needs to remain as GST registered company for at least 2 years.

Posted in Taxation Left.