IRAS Updates Guidance on Completing GST Returns

• Updated GST Return Guidance: The Inland Revenue Authority of Singapore (IRAS) has released updated guidance on completing GST returns, specifically providing detailed, box-by-box instructions for the standard Form GST F5, which includes 21 distinct boxes related to GST activities.
• Key Reporting Categories: The form captures critical information, such as values for standard-rated, zero-rated, and exempt supplies, total supplies, taxable purchases, output and input tax, net GST payable or refundable, and additional disclosures for special schemes and marketplace operations.
• Error Prevention and Penalties: The guidance addresses common errors made by businesses during GST reporting, emphasizing the importance of accuracy, as mistakes can lead to significant penalties of up to 200% of the tax owed.

Source Orbitax

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Comprehensive Guide to Filing GST F5 and F8 Returns: Tips, Errors, and FAQs

• GST F5 Return has fifteen boxes to fill
• Access GST returns via myTax Portal
• Report figures in Singapore Currency
• E-File a nil return if no transactions occurred
• Refer to e-Tax Guide for more details
• GST F8 filing is similar to GST F5
• Account for GST on business assets and certain supplies
• Report asset and supply values in Box 1 of GST F8
• Report corresponding GST value in Box 6 of GST F8
• Refer to IRAS webpage for more details on GST cancellation
• Common errors infographic available for reviewing past GST returns
• Box 1: Total value of standard-rated supplies
• Enter value excluding GST amount
• Include supplies of goods, deposits, consignment sales, net takings, property construction, leases, and vehicle sales

Source: iras.gov.sg

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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