A. Types of GST Registration
1. Compulsory Registration
As GST is levied on consumption and not on income, it is a statutory requirement for traders to initiate GST Quarterly Filing on a regular basis, if their turnover is more than S$1 million.
- The turnover of the business has been more than 1 million SGD for the last 12 months
- The business can expect the turnover of more than 1 million SGD for the next 12 month
2. Voluntary Registration
Taxpayer can apply the voluntary GST registration though their businesses are not liable to compulsory GST registration and the annual business turnover is less than 1 million SGD.
- The annual turnover of the business has not been more than 1 million SGD
- The supply of goods is not made in Singapore
- Exempt supplies of financial services are made which is also deemed as international services