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GST
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…… Don't wait. The time will never be just right. -
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Disclaimer:
The information contained within this website is provided purely for general
informational purposes only. We cannot accept any responsibility or liability,
legal or otherwise for any errors or omissions,
and
we reserve the right to make any changes without notice.
Goods and Services Tax (GST) Assistance Scheme is an assistance scheme
for local businesses which have opted for voluntary GST registration with IRAS
and wish to set up or improve their accounting system and processes to be
GST-compliant. The GST Assistance Scheme supports up to 100% of accounting
software costs, and 50% of the qualifying costs for the following cost items,
subject to a maximum grant of $5,000 per company: Professional fees and training
costs charged by third party IT consultants; Hardware costs; and Subscription
fees and one time activation charges for a new internet connection. All
qualifying costs must be incurred after project commencement or effective GST
registration date, whichever is earlier. the grant. The GST Assistance Scheme
provides subsidies to small-medium-sized enterprises (SME) who wish to
voluntarily register for GST. Each SME can get a grant of up to S$5,000. The
S$5,000 can be used to pay for: 100% off your accounting software costs, 50% of
qualifying costs include: consultancy fees, training fees charged by
consultants, IT hardware costs, one time activation charge and Internet
subscription fees of up
to 1 year for a new Internet connection. Eligibility: Singapore-based
SMEs (including eligible private exempt companies, sole-proprietor and
partnership businesses) who voluntarily register to become GST traders for the
first time between 1 March 2007 and 31 March 2009. You can apply for the GST
Assistance Scheme if your company meets these criteria: registered or
incorporated in Singapore, your company’s group fixed assets are worth below
$15 million*, you have not more than 200 employees (for companies in the
services sector)* , You have previously not registered as a GST trader before,
You are approved as a voluntary GST registrant from 1 March 2007 to 31 March
2009, *Computed on a group basis ie checking up to 3 levels for corporate
shareholders holding 20% or more of the total shareholding in the company and 1
level down where the company holds 50% or more of the shareholding in a
subsidiary company. You may apply to voluntarily register for GST if you are
not liable to compulsorily register and you satisfy the following conditions:
Your annual turnover does not exceed $1 million, or You only supply goods
outside
supplies), or You only make exempt supplies of financial services that
are also deemed as international services. Advantages: You can enjoy the
benefits of claiming input tax incurred in the course of your business. This is
especially so when you make purely zero-rated supplies (exports or
international services). However once you are voluntarily registered, you must
remain registered for at least two years and comply fully with the responsibilities
and obligations of a GST registered trader. your solution: working together
with us, we will walk you through the complete process right from voluntary GST
registration, GST Assistance Scheme Application, Implementation of a GST
compliant system, including training, software and hardware configuration, to
the claim disbursement process. Our strategy for the implementing a
GST-compliant accounting system project is a four-phase approach, including
business analysis, installation and set-up, training and technical support. We
will help you in implementing an accounting system that is effective and
GST-compliant and at the same time
User-friendly, easy to use, International awards-winning software with technical
support. Thus improving your accounting systems, including preparation
of financial statement and GST returns in terms of accuracy, quality,
effectiveness, efficiency and reduced costs....about us: Managed by qualified
experienced Accountants, Acctask Consultants helps many SMEs including private
exempt companies, and sole-proprietor & partnership businesses to apply for
Goods and Services Tax (GST) assistance grant and implement GST complaint
accounting system. Professionalism,