For many GST-registered companies, the quarterly GST return is the compliance task that arrives fastest and is easiest to get slightly wrong. Knowing how to prepare and file your GST returns accurately and on time protects you from penalties, estimated assessments and uncomfortable questions from IRAS. This guide walks through the rules, the preparation process and the mistakes we see most often in practice.
Whether you file the GST F5 yourself or rely on a bookkeeper, the directors remain responsible for what is submitted, so a clear quarterly routine matters.
Who this applies to
This article is relevant to any business registered for GST in Singapore, whether the registration was compulsory or voluntary. In particular, it applies to:
- Companies registered compulsorily after crossing the SGD 1 million taxable turnover threshold, or voluntarily
- Overseas businesses registered under the overseas vendor regime
- Businesses that have applied to deregister and must file a final return
Key rules and requirements in Singapore
The GST F5 return and filing frequency
Most GST-registered businesses file a GST F5 return every quarter. IRAS may approve monthly filing on request, which some businesses in a regular refund position prefer because it speeds up cash flow. A final GST F8 return is filed when registration is cancelled.
Due dates
The GST return and any GST payable are both due one month after the end of each accounting period. For a quarter ending 30 September, the return and payment are due by 31 October. If you pay by GIRO, the deduction is made on the 15th of the month following the due date, which is a genuine cash flow advantage.
Nil returns are still required
A return must be filed for every accounting period, even if you made no sales or purchases. There is no automatic exemption for quiet quarters.
What goes into the return
The GST F5 asks for the value of standard-rated supplies, zero-rated supplies and exempt supplies, the value of taxable purchases, output tax due, input tax claimed and the resulting net GST. The current standard rate is 9%.
Penalties for filing late
According to IRAS, a late submission penalty of SGD 200 applies immediately once the due date passes, with a further SGD 200 for each completed month the return remains outstanding, up to SGD 10,000 per return. IRAS may also issue an estimated assessment of the GST it believes you owe, together with a 5% late payment penalty. If the tax is still unpaid 60 days later, an additional penalty of 2% per completed month can apply, capped at 50% of the unpaid tax.
Records
Under the GST Act, business records and accounts supporting your returns must be kept for at least five years. This includes tax invoices, import permits, export evidence and the working papers that tie your ledgers to the figures in each box.
Step-by-step process
A reliable filing routine usually follows these steps:
- Close the books for the quarter. Record all sales invoices, supplier bills, credit notes and bank transactions up to the last day of the period before running any GST report.
- Reconcile your bank accounts. Unreconciled bank lines often point to missing sales or unrecorded purchases, both of which distort the return.
- Review GST coding. Check that each transaction carries the correct tax code: standard-rated, zero-rated, exempt, out-of-scope or no GST.
- Test your input tax claims. Confirm that you hold a valid tax invoice or import permit, that the expense relates to your taxable business, and that the claim is not disallowed, such as private car expenses, club subscriptions or medical expenses not required under the Employment Act or Work Injury Compensation Act.
- Support zero-rated supplies. Keep the export documentation or evidence of international services that justifies each zero-rated line.
- Reconcile the GST report to the general ledger. The output tax and input tax figures should agree to the GST control accounts. Investigate any difference before filing.
- File on the IRAS myTax Portal. The person filing needs the appropriate Corppass authorisation for GST (preparer or approver). Review the draft figures on screen, submit, and save the acknowledgement.
- Pay or set up GIRO. Settle any net GST by the due date, or ensure your GIRO arrangement is active and the account is funded.
Where you find an error in a past return, you can usually correct it in your next GST F5 if the net GST in error across all affected periods is not more than SGD 3,000, and certain other conditions on the value boxes are met. Larger errors must be disclosed through a GST F7.
Common mistakes to avoid
- Claiming input tax without a valid tax invoice. A receipt or an invoice without the supplier’s GST registration number is generally not sufficient.
- Claiming GST on disallowed expenses. Motor car costs, family benefits and entertainment of a personal nature are frequent culprits.
- Zero-rating without evidence. If you cannot produce export documents or proof that a service qualifies, IRAS can treat the supply as standard-rated.
- Missing reverse charge on imported services. Businesses that are not entitled to full input tax recovery may need to account for GST on certain services bought from overseas.
- Reporting in the wrong period. GST is generally triggered by the earlier of invoice issue or payment received, not by when the work is finished.
- Letting Corppass access lapse. When the only authorised staff member leaves, filing stalls until access is reassigned.
Practical examples
A trading company with overseas customers
A Singapore distributor exports goods to Malaysia and Indonesia and sells locally. Its local sales are standard-rated, while exports are zero-rated. During quarterly preparation, the bookkeeper matches each zero-rated invoice to a shipping document or export permit. Two shipments lack evidence, so the company obtains the documents before filing rather than zero-rating them without support.
A consultancy that missed a quarter
A small consultancy forgot to file its GST F5 for the quarter ending 31 March. By mid-June, it had received a late submission penalty and an estimated assessment. Once the actual return was filed, IRAS revised the assessment to reflect the real figures, but the late submission penalties still applied. The company then moved to GIRO and set calendar reminders two weeks before each due date.
An SME correcting a small error
During its annual review, a retail company found that SGD 1,800 of input tax had been claimed on staff medical insurance that did not qualify. Because the net error was below SGD 3,000 and the value box conditions were met, it adjusted the amount in the next GST F5 and kept a note of the correction on file.
How a corporate secretary can help
GST filing sits where bookkeeping, tax and governance meet. A corporate services provider can close your books each quarter, review GST coding, test input tax claims and file the GST F5 on your behalf through the IRAS myTax Portal. Raffles Corporate Services supports clients with accounting, GST filing, corporate tax, payroll and CPF contributions, as well as ACRA filings through the ACRA BizFile+ portal, so the figures reported to different authorities stay consistent.
Frequently Asked Questions
Do I need to file a GST return if my company had no transactions?
Yes. A GST return must be filed for every accounting period while you remain registered, even if every box is zero.
Can I extend the GST filing deadline?
IRAS does not generally grant extensions for GST returns. If you anticipate difficulty, speak to your adviser early and file on time using the best available figures, then correct any errors under the rules for amending returns.
What happens if IRAS issues an estimated assessment?
You should file the outstanding return as soon as possible. IRAS will generally revise the estimated assessment based on the actual return filed, although late submission penalties may still apply.
How long must I keep GST records?
At least five years.
Key takeaways
- GST returns and payments are due one month after the end of each accounting period, and nil returns are still required.
- Late filing attracts an immediate SGD 200 penalty plus SGD 200 per completed month, up to SGD 10,000 per return.
- Reconcile your bank and GST control accounts before filing, and check that every input tax claim has a valid tax invoice.
- Keep supporting evidence for zero-rated supplies and all records for at least five years.
- Small net errors up to SGD 3,000 can usually be corrected in the next return; larger ones require a GST F7.
- Maintain Corppass access and consider GIRO to reduce the risk of missed deadlines.
Requirements may change, so always check the latest guidance from ACRA, IRAS or MOM, or consult a professional adviser.
If you would like to find out more about how Raffles Corporate Services can assist with your company’s compliance and corporate secretarial requirements, please get in touch with the team at [email protected].
Yours sincerely,
The editorial team at Raffles Corporate Services
Disclaimer: This does not constitute legal advice. If you require legal advice, please contact a lawyer.