For any GST-registered business in Singapore, managing the Goods and Services Tax (GST) is a fundamental part of your financial operations. Beyond just charging the 9% tax on your sales, you have a legal obligation to report and pay these funds to the Inland Revenue Authority of Singapore (IRAS). This is done through a process called GST filing.
Understanding this process is not just for accountants; it’s essential for all business owners to ensure compliance, manage cash flow effectively, and avoid costly penalties. The deadlines are strict, and the calculations must be precise.
This guide provides a clear, step-by-step breakdown of the GST filing process in Singapore, explaining what you need to do, when it’s due, and how to make the process as smooth as possible.
Key Takeaways
- What It Is: GST filing is the mandatory submission of a GST return (GST F5) to IRAS, reporting the total GST you collected (Output Tax) and paid (Input Tax).
- The Goal: To calculate the net GST payable — Output Tax minus Input Tax — or determine if you are eligible for a refund.
- Filing Frequency: Most businesses file quarterly, following the cycle assigned by IRAS upon GST registration.
- Strict Deadline: You must file your GST F5 return and make payment within one month after the end of your accounting period.
- How to File: All GST returns must be filed electronically through the IRAS myTax Portal.
What is GST Filing?
GST filing is the formal report you submit to IRAS detailing your business transactions for a specific accounting period (usually a quarter).
In this report, you must declare two key figures:
- Output Tax: The 9% GST you have collected from your customers on your sales of goods and services.
- Input Tax: The 9% GST you have paid to your suppliers on your business-related purchases and expenses.
The difference between these two figures is your Net GST Payable or Net GST Refundable.
- If Output Tax > Input Tax, you pay the difference to IRAS.
- If Input Tax > Output Tax, you can claim a refund from IRAS.
Who Must File for GST?
GST filing is mandatory for all businesses that are registered for GST in Singapore.
- Compulsory Registration: It is mandatory for your business to register for GST if your taxable turnover for the past 12 months (or the turnover you expect in the next 12 months) is more than S$1 million.
- Voluntary Registration: Businesses that do not meet the S$1 million threshold can still choose to register for GST voluntarily. Once registered, you must file GST returns just like any compulsorily registered business.
Understanding Your Filing Frequency and Deadlines
This is the most critical part of compliance.
Filing Frequency
When you register for GST, IRAS will assign your business a quarterly filing cycle. This cycle will align with your company’s financial year. For example, if your financial year ends on December 31st, your quarters will be:
- Q1: 1 Jan – 31 Mar
- Q2: 1 Apr – 30 Jun
- Q3: 1 Jul – 30 Sep
- Q4: 1 Oct – 31 Dec
IRAS also assigns monthly or bi-annual filing cycles in specific, less common cases.
The Golden Rule: The “One Month” Deadline
The due date for both filing your GST return and paying the tax owed is one month after the end of your accounting period.
Let’s use the quarterly cycle above as an example:
- For the Q1 period (1 Jan – 31 Mar), your filing and payment deadline is 30 April.
- For the Q2 period (1 Apr – 30 Jun), your filing and payment deadline is 31 July.
- For the Q3 period (1 Jul – 30 Sep), your filing and payment deadline is 31 October.
- For the Q4 period (1 Oct – 31 Dec), your filing and payment deadline is 31 January of the following year.
Crucially, you must file your GST return on time even if you have no transactions or no tax to pay. This is known as filing a “Nil” return.
A Step-by-Step Guide to the GST Filing Process
Here is a simplified walkthrough of how to complete your quarterly GST filing.
Step 1: Prepare Your Records
Before you can file, you must have all your financial records in order for the period. This includes:
- All your sales invoices (to calculate Output Tax).
- All valid supplier tax invoices and import permits (to calculate claimable Input Tax).
- A consolidated summary of your total sales, total purchases, and the respective GST amounts.
Step 2: Calculate Your Net GST
Using your records, sum up your total Output Tax and your total (claimable) Input Tax. Calculate the difference: Net GST = Total Output Tax – Total Input Tax.
Step 3: Log in to the IRAS myTax Portal
All GST filings must be submitted electronically.
- Go to the IRAS myTax Portal.
- Log in using your business’s Singpass (or CorpPass).
Step 4: Complete and Submit Form GST F 5
Once logged in, navigate to the GST section and select “File GST F 5”.
- You will be guided through the online form.
- You must enter your total sales, total purchases, output tax, and input tax into the specified boxes.
- The form will automatically calculate the net GST payable or refundable.
- Review all entries carefully for accuracy before submitting.
Step 5: Pay the Net GST (if applicable)
If your return shows a Net GST Payable, you must make payment to IRAS by the same deadline. The most common and recommended payment methods are:
- GIRO: This is the most popular and convenient method. You can set up a GIRO arrangement for automatic deduction.
- Bank Transfer: Using FAST, PayNow, or other bank transfer services.
Did You Know?
When you are in a Net GST Refundable position (meaning IRAS owes you money), IRAS will only issue refunds to a
bank account that is registered with them. IRAS also no longer issues cheques for refunds, making a
registered bank account and a GIRO arrangement essential for receiving your funds quickly.
How a Modern Payment Platform Simplifies GST Filing
The most time-consuming part of GST filing is Step 1: Preparing Your Records. Manually digging through invoices and spreadsheets is inefficient and prone to error.
This is where a modern payment platform becomes a vital tool. A platform like Razorpay automatically tracks all your incoming sales transactions from various sources (PayNow, cards, wallets) in one central dashboard.
- Clear Transaction Reports: You can easily export detailed reports of all your sales transactions, with payment methods and amounts clearly listed.
- Automated Reconciliation: The platform automatically reconciles your sales, providing a clean, accurate summary. This drastically simplifies the process of calculating your total sales and output tax, saving your finance team hours of manual work each quarter.
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Conclusion
GST filing is a recurring and non-negotiable responsibility for registered businesses in Singapore. Failing to file and pay on time can result in penalties and audits from IRAS. By understanding the process, respecting the deadlines, and leveraging modern digital tools like a payment platform to automate your record-keeping, you can transform this complex task into a simple, efficient, and error-free routine.
Frequently Asked Questions (FAQs) for Singapore Businesses
What is the GST registration threshold in Singapore?
GST registration is mandatory if your taxable turnover exceeds S$1 million in a 12-month period. You can also register voluntarily if your turnover is below this amount, but you must then remain registered for at least two years.
What happens if I file or pay my GST late?
IRAS imposes penalties for late filing and late payment. A late filing penalty of S$200 may be imposed immediately. Late payment penalties begin to accrue from the day after the deadline. Consistent lateness can also trigger an audit from IRAS.
What is the difference between Output Tax and Input Tax?
Output Tax is the 9% GST you collect from your customers when you make a sale. Input Tax is the 9% GST you pay to your suppliers when you buy goods or services for your business.
