Singapore Updates GST Return and Cancellation Guidance, Adds Detailed Form GST-F5 Instructions

• IRAS updated guidance on completing GST returns, including detailed box-by-box instructions for Form GST F5.
• Instructions cover standard-rated, zero-rated, exempt supplies, taxable purchases, output/input tax, and special schemes.
• Highlights new reporting requirements for imports under the Import GST Deferment Scheme (IGDS) and removes cheque payment for voluntary disclosure.
• Updated guidance on cancelling GST registrations, including compulsory and voluntary cancellation rules.
• Clarifies accounting for GST on assets in the final GST F8 by specifying use of “open market value.”

Source: kpmg.com

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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