1. GST-registered businesses are required to file their GST returns and make GST payments to IRAS by the due date. Your GST Returns filing and GST payments due date is dependent on your company’s financial year end date.
2. For example, if your company’s financial year end date is 31 December, the following applies:
| GST Accounting Period | Filing and Payment Due Date |
|---|---|
| Jan – Mar | 30 Apr |
| Apr – Jun | 31 Jul |
| Jul – Sept | 31 Oct |
| Oct – Dec | 31 Jan |
3. You can log in to IRAS myTaxPortal to access the form GST F5 Return. The form GST F5 Return has fifteen boxes that you must fill. All figures reported in the GST Return must be in Singapore Currency. If you have transactions in foreign currency, you should report them in Singapore currency. If you do not have any transactions during the prescribed accounting period, you fill in ‘0’ for all boxes.
4. Now we look at how to fill in the boxes in the form GST F5 Return. Most small companies just need to fill in boxes 1 to 3, 5 to 7 and 13. Before you can fill in this boxes, please be reminded that you need to prepare your company’s accounts so as to be able to derive the figures required for the GST F5 Return.
5. In Box 1, you enter the value of the supplies which are subject to GST at the standard rate of 9%. The value you enter in this box should not include the GST amount charged. For example, if you sell goods for $100 and charge $9 of GST, you should only enter $100 in box 1.
6. In Box 2, you enter the value of the supplies which are subject to GST at the rate of 0%. The value you enter in this box in this box are for supplies of goods which are exported out of Singapore and supplies of international services. Please be reminded that you must maintain required documents to support your zero-rating and not all services provided to overseas customers can be zero-rated.
7. In Box 3, you enter the value of exempt supplies. The value you enter in this box in this box are for interest income relating to bank deposit/loan/trade debt and net realised exchange gain/ loss amount.
8. In Box 5, you enter the value of your standard-rated purchases (including imports) and zero-rated purchases. The value to be entered in Box 5 should exclude any GST amount. For example, if you buy or import goods for $100 with $9 of GST, you should include $100.
9. The amount to fill in box 6 is the GST you have charged on your standard-rated supplies. For example, if you sell goods for $100 and charge $9 of GST, you should include $9 in box 6.
10.The amount you fill in box 7 includes GST incurred for your purchases. For example, if you buy or import goods for $100 with $9 of GST, you should include $9 in box 7.
11. In box 11, you include the Revenue amount for the prescribed accounting period. This refers to income derived from your main income sources such as provision of services and sale of goods. Please remember to exclude non-operating income such as sale/disposal of fixed assets, grants received and interest income. The Revenue amount usually can be extracted from your P&L accounts whether they have been audited or not. As this amount is based on accounting standards, it may be different from the amount declared in Box 4 which is your total supplies based on GST requirements. If you are unable to provide an accurate value at the point of your GST reporting, you can report the figure based on your best estimate.
12. Please contact us if you need any assistance to file your business GST Returns to IRAS. At PL Biz Consulting Pte Ltd, we have the right people and expertise to help you account and compute the right GST amount to be filed to IRAS.
