Paying GST by GIRO

The situation

IRAS accepts several payment methods. With GIRO, IRAS deducts the GST from your bank on a set date after the due date.

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

GIRO avoids late payment if the account is funded, but the return must still be filed on time. A failed GIRO deduction can lead to penalties and cancellation of the arrangement. Keep enough balance before the deduction date.

What to do

1. Set up GIRO with IRAS.
2. File each return on time.
3. Fund the account before deduction.
4. Check the deduction on your statement.

Related

• Exempt supplies and input tax
• Late GST return consequences
• Quarterly GST F5 due date
• Getting GST back on unpaid invoices
• Claiming import GST
• Claiming GST on a company car