What are The Responsibilities Of GST-registered Business?

TL;DR — What GST-Registered Businesses Must Do

• Charge GST at 9% on standard-rated supplies and account for it accurately.
• File GST returns (Form F5) quarterly through IRAS’s myTax Portal, and pay what’s due on time.
• Keep proper records — invoices, receipts, and contracts — for at least 5 years.
• Display GST-inclusive prices to consumers for goods and services.
• Issue tax invoices showing your GST registration number.
• Notify IRAS promptly of business changes, and account for GST correctly if you deregister.
• Check your GST InvoiceNow obligations — this now applies to new voluntary GST registrants from 1 April 2026, and is rolling out to all GST-registered businesses through 2031.

 

Should You Register for GST?

Before we dive into the nitty-gritty of Goods and Services Tax (GST) responsibilities, it’s essential to determine whether your business should register for it. It is a legal requirement for businesses with an annual turnover exceeding SGD 1 million to register for GST. However, voluntary registration is possible for businesses with a turnover below the threshold, and it can be a strategic move.

Voluntary registration offers several advantages. It can allow you to claim input tax credits, reducing your business costs. It also gives your business a competitive edge when dealing with other businesses, as they can claim back the GST you charge them. Additionally, voluntary registration can enhance your business’s credibility, making it more appealing to potential partners and customers.

 

Charge and Account for GST on Standard-Rated Supplies

Once your business is GST-registered, it’s your responsibility to charge and account for GST on standard-rated supplies. Standard-rated supplies are goods and services that are subject to an 8% rate. This means that when you provide such goods or services, you must add GST to the price you charge your customers.

Proper accounting is also essential in these circumstances. Failure to do so can lead to penalties. You must maintain accurate records of this Goods and Services Tax collected and paid to the tax authority. This ensures that you can claim the GST incurred on your business purchases as input tax credits, reducing your overall liability.

It’s worth noting that timely filing and payment are not only about fulfilling your legal obligations. They also contribute to your business’s financial stability and reputation. Consistently meeting your responsibilities enhances your business’s credibility and trustworthiness.

 

Filing and Paying for GST

GST filing and payment are recurring obligations for GST-registered businesses. Typically, these returns are filed on a quarterly basis. Your responsibility is to accurately report your transactions, both the GST collected and paid, to the Inland Revenue Authority of Singapore (IRAS). It’s vital to meet the filing deadlines to avoid penalties.

Understandably, these calculations can be a complex and daunting task. Therefore, many businesses rely on accounting and software solutions to streamline this process, ensuring compliance and accuracy. These software solutions can also help in reducing the likelihood of errors in your calculations, which in turn, can lead to financial consequences.

Timely GST filing and payment not only fulfills your legal obligations but also contributes to your business’s financial stability and reputation. Consistently meeting your responsibilities enhances your business’s credibility and trustworthiness.

 

Keeping Proper Business Records

Accurate and detailed record-keeping is one of the cornerstones of GST compliance. You are obligated to maintain complete records of all transactions, including invoices, receipts, and contracts, for at least five years. These documentation will be essential during audits and inspections.

Ensuring your records are in order is not only a legal requirement but also crucial for managing your business efficiently and making informed financial decisions. Proper record-keeping can help you track your obligations, assess your business’s financial performance, and identify opportunities for cost savings. Moreover, well-organized records make it easier to resolve any disputes or discrepancies that may arise during audits.

In today’s digital age, many businesses are moving towards electronic record-keeping systems. These systems offer several advantages, including improved accessibility, searchability, and backup options. They can also simplify the process of providing documentation during audits or when responding to inquiries from tax authorities.

 

Display Prices of GST

Transparency is key when it comes to GST. As a business, it is your responsibility to display the GST-inclusive price for your goods and services to your customers. This helps your customers understand the final cost and prevents any surprises at the checkout.

Displaying prices inclusive of GST simplifies the shopping experience for your customers and allows them to make informed purchasing decisions. It also promotes trust and loyalty, as customers appreciate straightforward pricing without hidden costs.

Moreover, clear and transparent pricing is not only a legal requirement but also a competitive advantage. It demonstrates that your business is committed to fair and honest pricing practices, which can set you apart in a crowded market.

 

Issue Tax Invoices with GST Registration Number

Every GST-registered business must issue tax invoices that contain specific details, including your business’s GST registration number. This ensures that your customers can claim the GST incurred on their purchases.

Issuing proper tax invoices allows your customers to claim input tax credits on their business expenses. Moreover, it simplifies the process of verifying transactions and ensures that both you and your customers are on the same page regarding the GST charged.

To issue tax invoices efficiently, you can consider implementing invoicing software or platforms. These tools can streamline the invoice creation process, reducing the risk of errors and ensuring that all required information, including your GST registration number, is included.

 

Notify IRAS of Changes

If there are any changes in your business, such as a change in your business name, address, or cessation of your business activities, it is your responsibility to notify IRAS promptly. Keeping them informed ensures that your GST registration remains accurate and up to date.

Proactive communication with IRAS is essential to prevent any issues that may arise from outdated or incorrect registration details. It also allows you to address any concerns or inquiries the tax authority may have regarding your business changes.

Keeping your business information up to date with IRAS is typically a straightforward process, and it’s best handled promptly to avoid potential complications.

 

The GST InvoiceNow Requirement

GST InvoiceNow requires GST-registered businesses to transmit invoice data directly to IRAS, rather than only reporting summarised figures in a quarterly return. It’s being phased in: new voluntary GST registrants have needed it since 1 April 2026, and all remaining GST-registered businesses will be onboarded progressively between 2028 and 2031, based on annual taxable supplies. If you’re planning to register for GST voluntarily now, InvoiceNow readiness is no longer optional — IRAS can reject an application that doesn’t have it in place.

Obligations for Compulsory vs Voluntary Registrants

Compulsory and voluntary registrants carry largely the same responsibilities. The difference shows up at the exit: voluntary registrants can apply to deregister if they no longer meet the requirements (after the minimum 2-year commitment), while compulsory registrants must deregister if their turnover permanently falls below the threshold or the business ceases. Either way, deregistration requires accounting for GST on stock and fixed assets still held at the time.

How Grof Can Help

The individual responsibilities here aren’t complicated on their own — charge correctly, file on time, keep records, notify IRAS of changes. What trips businesses up is doing all of it consistently, quarter after quarter, on top of running the business itself.

Grof’s GST registration and filing services handle the recurring filings, record-keeping, and now the InvoiceNow transition, so these responsibilities stay off your plate.

Frequently Asked Questions