Singapore Entrepreneurs Network & Startup Organization

I wonder did anyone in this forum ever introduce the grant for GST Assistance from Spring Singapore.

Concept of this grant is very simple.

Click here for the link:
http://www.business.gov.sg/EN/Government/GovernmentAssistance/TypeOfAssistance/Grants/Technology/gp_spring_gstAssist.htm

This grant allows you to purchase Accounting Software and computers to computerised your accounting if you have registered your company for GST within 3 months.

You may contact me for further details.

Cheers,

William@amc.com.sg

If your turnover is more than 1M, it is compulsory to be GST registered. Otherwise is volunteer basis. 

If you purchase goods or services from GST registered company, it is wise to be GST registered as you can claim back your GST and you can charge GST to your customers. If you are not GST registered, your cost of additional 7% cannot be claimed back and you are not allow to charge GST on your sales.

Hope this helps...

GST is targeted at consumers and not businesses. So you are just an agent to help government to collect tax from consumer when they spend.

Pros: You can claim back your GST paid on purchases of goods and services (eg. you can claim back $70 for $1070 spend in buying a computer from a GST registered retailer). You have to charge GST to your clients when you sell them (eg. you invoice your customer $1500 plus $105 which you will have to pay to tax dept for the same computer). So the net amount to be submitted to the tax dept will be $105-$70=$35 for that month. In this sense, you realise that GST does not affect you at all.

Cons: Admin work to submit the simple report to tax dept every month or quarter or half yearly which you can choose.

That is also the reason to encourage you to register for GST by providing this grant.

Do call me at 63477000 if you want to find out more. No worries, I do not earn from GST you submit later...

Cheers,

William