- Businesses must register for GST if they expect taxable turnover to exceed S$1 million in the next 12 months with supporting documents like contracts or purchase orders
- The Second Minister of Finance announced on 28 February 2025 that businesses will get a two month grace period to start charging GST instead of the previous 31 day requirement
- This change takes effect from 1 July 2025 for GST registration liability triggered on or after that date
- Businesses must still notify IRAS within 30 days after the forecast date regardless of when liability is triggered
- The effective registration date changes from 31st day after forecast date to two months from forecast date for liabilities triggered from 1 July 2025 onwards
Source: ey.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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