When your turnover falls below the threshold of S$1 million, you can consider to de-register from GST. Other reasons for de-registration are when there is a transfer of business or you decide to cease your business.
Once an application is submitted to the Comptroller and approved, you will be required to submit a Final Return (GST F8). In this return, output tax has to be "deemed" on assets exceeding S$10,000 where you were entitled to a GST input tax credit.
We can assist you in the de-registration process including reviewing the potential impact of your business assets on hand. Based on our experience, there has been cases where a business submitted an application for de-registrtion where an input claim of 3% on a property purchased was made. However, since they submitted the application for de-registration when the current GST rate is 7% based on the market value of the property, the "deemed" output tax payable by the business will have a significant impact and the business may not be able to pay the GST due. Non payment would trigger severe penalties.
We provide a comprehensive review so that there is no financial impact on your application for de-registration.
Once an application is submitted to the Comptroller and approved, you will be required to submit a Final Return (GST F8). In this return, output tax has to be "deemed" on assets exceeding S$10,000 where you were entitled to a GST input tax credit.
We can assist you in the de-registration process including reviewing the potential impact of your business assets on hand. Based on our experience, there has been cases where a business submitted an application for de-registrtion where an input claim of 3% on a property purchased was made. However, since they submitted the application for de-registration when the current GST rate is 7% based on the market value of the property, the "deemed" output tax payable by the business will have a significant impact and the business may not be able to pay the GST due. Non payment would trigger severe penalties.
We provide a comprehensive review so that there is no financial impact on your application for de-registration.