Late GST registration
We should have registered for GST six months ago but did not. What happens now?
The situation
Late registration means GST may be due on past supplies, with penalties.
The law
- Goods and Services Tax Act 1993, Fourth Schedule: Registration required when taxable supplies exceed S$1 million (retrospective or prospective view)
What it means for you
You may need to pay GST on supplies made from the date you should have been registered, even if you did not charge customers. Penalties for late registration can apply. Making a voluntary disclosure and registering now usually leads to better treatment than waiting for IRAS to find it.
What to do
- Register now.
- Compute past GST.
- Disclose.
- Pay.
We can do this for youGST registration (compulsory and voluntary): SGD 600