GST Deregistration Is A Relatively Easy Process In Singapore

Every business house needs to register for the GST that is payable in the country of the business origin. It has become a mandatory item under any government today. And if you are doing business in Singapore, then also you must register for GST as per their rules and regulations.

When Do You Need To Register For GST?

If as a business owner you register with the government of Singapore you will be able to collect the tax from your customers and collect GST credits from IRAS on the purchases of all services and goods from the suppliers who are also registered with the government.

When Will You Deregister Your GST In Singapore

There are certain conditions under which you can cancel out your GST that was once registered with the government of Singapore. It is compulsory to apply for GST Deregistration Singapore within the 30-day stipulated time frame set by the government when:

•Compulsory Cancellation – Your business has stopped functioning with trading, there are no taxable items in your business and that will not change in the near future, you have transferred your business to another person and lastly when the structure of your business has changed as in partnership to sole proprietorship and vice versa. In that case, the new person or organization will do the needful.

•Voluntary Cancellation – This may happen when your taxable income is SGD 1 million or less and when your company is not under voluntary registration for two years or less.

•Application for Cancellation – You can do this by making online applications wherein the processing is completed within 10 working days.

•Notification for Cancellation – You will get your cancellation date once your application has been approved by the government. And once it has been approved then you can no longer collect GST.

The Day Till Which You Are Liable To Pay Your GST

You as a registered GST payer with the government of Singapore must go on paying your GST and fulfill all the governmental obligations till the very last day of GST registration. In effect, that day is the day before the date of the cancellation of the GST return.

The Documents That you Must Present Before The Final Cancellation Of Your GST

You will be issued with a final GST return that you must file and account for till the last date of the GST registration and that is one day before the cancellation. You will be required to submit the following:

•GST F8 and account for your GST within 1 month from the date prescribed on your accounting period that is stated on your return

•File all the outstanding GST returns and make all the payments in this regard

What Must You Account For In Your Final GST F8

You must account for certain things in your final GST F8 on the value of your business till the last day of your business. You must account for your assets the input of which you have already claimed at the time of purchase and also an asset that you bought as part of your business.

If you think that you no longer fall under the purview of the applicable GST of the country, then you can easily go for GST Deregistration Singapore. This will exempt you from unnecessary taxes and financial burdens that could weigh you down