Goods & Services Tax (GST)

Accuracy matters

A company is required to register for GST when its taxable turnover exceeds S$ 1 million. A company charges and collects GST from its customer when it sells goods and services locally. The GST charged and collected is called output tax. The company will have to pay this output tax to IRAS. Same goes when a company purchases a good or a service locally, it will have to pay for the GST charged from a GST registered supplier. This GST is called input tax and the company would be able to recover or claim it back from IRAS. Submission of GST payable and claimable to IRAS is required every quarter.

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In business operations, there are various transactions dealt both locally and internationally during the year. Ensuring the GST is recorded accurately in each financial transaction is vital to submit an error free GST report to IRAS as incorrect submission would end up wrong amount recovered by business owner or even suffered heavy penalty in the case of underdeclared GST.  Here in Averie, we ensure GST is recorded accurately from each business transactions and submission of GST return to IRAS on time. With Averie, all compliance matters are taken care of professionally with so that our clients may focus on their core business with peace of mind.