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GST ASSISTANCE
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Disclaimer: The information contained within this website is provided
purely for general informational purposes only. We cannot accept any
responsibility or liability, legal or otherwise for any errors or omissions,
and we
reserve the right to make any changes without notice.
Goods and Services Tax (GST) Assistance Scheme is an
assistance scheme for local businesses which have opted for voluntary GST
registration with IRAS and wish to set up or improve their accounting system
and processes to be GST-compliant. The GST Assistance Scheme supports up to
100% of accounting software costs, and 50% of the qualifying costs for the
following cost items, subject to a maximum grant of $5,000 per company:
Professional fees and training costs charged by third party IT consultants;
Hardware costs; and Subscription fees and one time activation charges for a new
internet connection. All qualifying costs must be incurred after project
commencement or effective GST registration date, whichever is earlier. the grant. The GST Assistance Scheme provides subsidies to
small-medium-sized enterprises (SME) who wish to voluntarily register for GST.
Each SME can get a grant of up to S$5,000. The S$5,000 can be used to pay for:
100% off your accounting software costs, 50% of qualifying costs include:
consultancy fees, training fees charged by consultants, IT hardware costs, one
time activation charge and Internet subscription fees of up
to 1 year for a new Internet connection. Eligibility:
Singapore-based SMEs (including eligible private exempt companies,
sole-proprietor and partnership businesses) who voluntarily register to become
GST traders for the first time between 1 March 2007 and 31 March 2009. You can
apply for the GST Assistance Scheme if your company meets these criteria:
registered or incorporated in Singapore, your company’s group fixed assets are
worth below $15 million*, you have not more than 200 employees (for companies
in the services sector)* , You have previously not registered as a GST trader
before, You are approved as a voluntary GST registrant from 1 March 2007 to 31
March 2009, *Computed on a group basis ie checking up
to 3 levels for corporate shareholders holding 20% or more of the total
shareholding in the company and 1 level down where the company holds 50% or
more of the shareholding in a subsidiary company. You may apply to voluntarily
register for GST if you are not liable to compulsorily register and you satisfy
the following conditions: Your annual turnover does not exceed $1 million, or You only supply goods outside
supplies), or You only make exempt supplies of financial
services that are also deemed as international services. Advantages: You can
enjoy the benefits of claiming input tax incurred in the course of your
business. This is especially so when you make purely zero-rated supplies
(exports or international services). However once you are voluntarily
registered, you must remain registered for at least two years and comply fully
with the responsibilities and obligations of a GST registered trader. your solution: working together with us, we will walk you
through the complete process right from voluntary GST registration, GST
Assistance Scheme Application, Implementation of a GST compliant system,
including training, software and hardware configuration, to the claim
disbursement process. Our strategy for the implementing a GST-compliant
accounting system project is a four-phase approach, including business
analysis, installation and set-up, training and technical support. We will help
you in implementing an accounting system that is effective and GST-compliant and at the
same time User-friendly, easy to use, International awards-winning software
with technical
support. Thus improving your accounting
systems, including preparation of financial statement and GST returns in terms
of accuracy, quality, effectiveness, efficiency and reduced costs....about us:
Managed by qualified experienced Accountants, Acctask
Consultants helps many SMEs including private exempt companies, and
sole-proprietor & partnership businesses to apply for Goods and Services
Tax (GST) assistance grant and implement GST complaint accounting system.
Professionalism,