Singapore GST (Goods and Service Tax)

The standard GST rate in Singapore is 7%. The exportation of goods and
the provision of international services are zero-rated. The sale and
rental of residential properties and specified financial services are
exempt from GST.

Goods and Services Tax (GST) is a broad base consumption tax aimed at
taxing the final consumer of the goods and services. The supply of
goods and services made in the ordinary course of business in
Singapore by a GST registered person is subject to GST. The
importation of goods into Singapore is also subject to GST.

Persons carrying on businesses making taxable supplies are required to
register for GST if their annual turnover (retroactive or prospective)
is more than S$1m. A GST registered person (GST taxpayer) has to
charge GST on his supplies (Output GST) and pay GST on his purchases
(Input GST). The GST taxpayer has to file a monthly or quarterly GST
return to declare the Output GST collected and the Input GST incurred.
He will pay (or claim) the difference (after netting the Output GST
against the Input GST) together with the GST return.

GST Registration – A person is required to be registered if the total
annual value of his/ her taxable supplies exceeds SGD 1 million.
Companies may apply for voluntary registration even if turnover is
less than SGD 1 million. However, once registered, the taxpayer must
remain registered for at least 2 years.

Filing and payment of GST – A registered taxable person is required to
furnish a tax return to the Comptroller not later than 1 month after
the end of each 3-month accounting period. The amount of tax payable
for the accounting period to which the return relates should be made
together with the submission of the tax return.

Source : http://www.taxrates.cc