TaxSavvySG

Late GST return consequences

We filed our GST return two weeks late. What will IRAS do?

The situation

Late filing of GST returns and late payment of GST attract penalties under the GST Act. IRAS can also estimate tax if no return is filed.

The law

  • Goods and Services Tax Act 1993 and GST (General) Regulations: GST return (GST F5) and payment within one month after each accounting period

What it means for you

The late filing penalty and late payment penalty are separate and both grow with time. Filing and paying quickly limits the cost. Confirm the current penalty amounts on the IRAS site before advising clients on figures.

What to do

  1. File the overdue return now.
  2. Pay the GST due.
  3. Pay any penalty notice by its date.
  4. Set up a filing calendar.

We can do this for youQuarterly GST F5 returns: SGD 350

Related