GST Academy

WELCOME

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Our Mission is to be the leading GST Specialist Consultancy in Singapore.

GST Academy is a boutique tax consultancy specialising in the Goods & Services Tax. Although hailed as a simple tax, GST registered businesses have found out the complexity of its application to daily transactions. Businesses which have not incorporated GST risk management as part of their Corporate Governance framework have contributed millions of dollars in penalties once they are audited by the tax authorities. Contact us to find out how a Health Check or a Due Diligence can minimise your risk of penalties.

We also specialise in In-House Training Workshops catered to the specific needs of your industry. Or you can benefit from our consultancy services on a retainer basis at a fraction of the cost of recruiting an experienced staff. Do contact us for a discussion at no obligation.

Profile: GST Academy, Manmohan Singh, Chai Yee Hoi

Announcements

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For FY 2010/2011, the revenue collected from GST Audits amounted to S$105 million. Contact us now for a GST Health Check to manage your GST Risk.

Thank You

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Your query is receiving immediate attention. We will respond to you as soon as possible.

Contact Us

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If you have any enquiries, please fill up the form and I will get back to you as soon as possible. Thank you.

View Larger Map GST ACADEMY 165 BUKIT MERAH CENTRAL #06-3663 SINGAPORE 150165 TEL: (65) 65925133 FAX: (65) 62746517 E-mail: queries@gstacademy.com

Go Green

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The United Nations Develoment Programme's Human Development Report warns that a window of only 10 years is left to reverse the effects of climate change.

Every one can play their part, however small, in preserving our earth. At GST Academy, we are committed to preserving the environment. Here are some of the measures we have in place:-

1. Print on double sided paper.
2. Use recycled paper.
3. Switch off lights and use natural lights where possible.
4. Connect your fax machine to your PC and so that junk mail do not get printed.

Here are some websites with intriguing articles and pictures of the impact of global warming. Let's all work together.

Union of Concerned Scientists
U.N. Report

NASA

The New York Times

BBC

News Articles

2008-12-19T01:36:00.003-08:00

GST Academy is focused not only on businesses, but also has the concerns of the average consumer.

With the GST rate to 7% and further impending increases, low income consumers have been severely impacted. We have highlighted this to the authorities and our views have been published in the press. This is the original version:-

Why GST should not apply to basic food essentials .

A subsequent letter to the Business Times was sent on 29 Apr 2008. This is the original version:-
The time is now: GST at zero-rate for basic food items‏

Academy Updates

2008-12-19T01:36:00.001-08:00

These updates provide businesses a quick reading to keep abreast of changes in Goods & Services Tax in Singapore.
Click on the link below for details.

GST Academy Updates – Nov 2011

GST Academy Updates – Q4 2010
GST Academy Updates – Q1 2010
GST Academy Updates – February 2009
GST Academy Updates - November 2008
GST Academy Updates - September 2008
GST Academy Updates - March 2008
GST Academy Updates - October 2007
GST Academy Updates - August 2007

GST Information

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Goods and Services Tax (GST) was introduced in Singapore on 1 April 1994 at the rate of 3%. This has been progressively increased as follows:

4% on 1 January 2003
5% on 1 January 2004
7% on 1 July 2007

GST is a tax on the domestic consumption of goods and services. There are two main collecting agents in Singapore, Singapore Customs for imports and businesses which are registered with the Comptroller of GST. A GST registered business would need to account the tax to the Comptroller on a quarterly basis as follows:

Output Tax	This refers to the tax collected by a GST registered supplier
Input Tax	The tax paid by a GST registered supplier (claimable from the Comptroller)
Net accountable to the Comptroller	Output minus Input. If Input is greater than Output, you would receive a refund

Effectively, a GST registered business is not paying the tax. The burden falls on the final consumer who is not entitled to claim a refund on the tax paid except for tourists under the Tourist Refund Scheme.

The GST in Singapore is broad based and can be classified as follows:

Zero-rated supplies:

This means the rate of tax applied is 0% for the export of goods and international services. If you were to purchase goods in Singapore and notify the supplier to export the goods, the rate applicable is 0%. International services have been listed in section 21(3) of the GST Act, for example international freight charges and airline tickets.

Standard-rated supplies:

GST at 7% applicable to taxable supplies of goods and services in Singapore by GST registered businesses. If you are GST registered and decide to give goods free of charge, you might be required to 'deem' output tax. Should you decide to de-register from GST, you may also be required to 'deem' output tax. Send us an e-mail if you need further details.

Exempt Supplies:

There are 2 main categories which are specifically exempt from GST. They are residential properties and financial services as listed in the fourth schedule of the GST Act. For example, interest income is an exempt supply and you are required to declare it in your GST returns. If this is your main business, you would still need to pay GST to your suppliers. This tax paid is not claimable as your input tax.

Out-of-scope supplies:

Supplies of goods which take place outside Singapore are outside the scope of the GST Act. This would occur if you instruct a supplier in Malaysia to send the goods to your customer in Germany.

Workshops

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Our workshops are specifically tailored to raise the competency of your staff. Although GST was designed as a simple tax, varied business transactions can result in unintended errors. This can result in errors in your returns and penalties being imposed. Partner us by attending our workshops and:

Raise your GST competency level.

Apply the correct GST treatment on your business transactions

Learn how to minimise the cash-flow impact of GST on your business.

Understand the GST rules which can hamper your business if applied incorrectly.

Avoid being penalised for not complying with the Law.

Our Services

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GST TRAINING – Are you confident of the GST competence level of not only junior staff but manager's who are handling contracts. Our specially tailored workshops are aimed to raise the competency level of both management and staff. Management also require an in-depth knowledge of GST as a wrong decision can have a great financial impact on the business. Workshops can be conducted in-house upon request.

GST HEALTH CHECK / DUE DILIGENCE - IRAS has started its Compliance Assurance Programme. Start a review of your business transactions and the GST compliance level. We will conduct a detailed review and prepare you for the IRAS' CAP. You can also opt for a quick review with our Due Diligence. For YA 2009, penalties from GST exceeded S$100 million.

GST PLANNING & CONSULTANCY - Although GST was designed to be a simple tax, the varied nature of business transaction can result in a great impact on your cash flow or you may lose a business opportunity due to a lack of understanding in the application of the law. We provide extensive planning service in all areas, such as the application of the GST law to business transactions to ensure correct compliance and maximise entitlements to input tax credits. We can also assist you to handle queries from the tax authority.

TRANSFER OF BUSINESS - Converting your business from a sole-proprietorship to a partnership or limited company has a GST impact. We can advise you on the smooth transfer of your business, including the transfer of assets, with no GST impact.

GST DE-REGISTRATION - With the increase in GST to 7%, de-registration from GST can result in your business accounting tax to the authority when you de-register. We ensure that the process of your de-registration is smooth with no GST impact.

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