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Rikvin   how does gst work
 

Rikvin how does gst work

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Comprehensive Guide on Singapore GST Service and Company Registration Singapore – offered and explained by Rikvin, Singapore’s leading company registration firm and business solutions provider.

Comprehensive Guide on Singapore GST Service and Company Registration Singapore – offered and explained by Rikvin, Singapore’s leading company registration firm and business solutions provider.

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    Rikvin   how does gst work Rikvin how does gst work Document Transcript

    • Rikvin - How Does GST WorkRikvin, Singapore’s leading corporate solution provider assists entrepreneurs inSingapore GST Service registration. GST is a tax charged on the supply of goods andservices made in Singapore and on the importation of goods into Singapore. Thecurrent rate for GST is 7%.According to Rikvin, “The concept of Goods and Services Tax (GST) is patterned fromValued Added Tax (VAT) in other countries and is a new form of tax in Singapore.GST was implemented on 1st April 1994 in Singapore. The standard of GST Act is alsopatterned from the UK VAT legislation and New Zealand GST legislation. The InlandRevenue Authority of Singapore (IRAS) is a government agency that administers,assesses, collects and enforces payment of GST.”The goal of GST is to effect a lower personal and corporate income tax rates whilemaintaining a fairly reasonable revenue base for the government.A brief overview on GST – definition, registration requirements, GST returns and GSTschemes were explained in detail in the discussion.Initially, it was discussed who can register to GST. These are Sole proprietorships,Partnerships, Limited Liability partnerships, Companies, Clubs, associations,management corporations or organizations, Non-profit organizations, Statutoryboards and Government bodies.In addition, it was also discussed the reasons why there is a need to register for GSTincluding the privilege to claim back the GST incurred on their business purchases,privilege to claim GST refund when GST paid exceeds GST collected and privilege toclaim GST incurred on business purchases when GST rate increase.Finally, Rikvin presented each of the GST schemes including GST assistance scheme,Major Exporter scheme (MES), Licensed Warehouse scheme and Zero GSTWarehouse scheme (ZGS).About the Publisher:Rikvin provides a complete corporate solution under one roof for which includescompany registration Singapore or assistance to start a Singapore company,opening of corporate accounts, business registration such as Singapore subsidiaryregistration , Singapore GST service, Singapore payroll services, immigration relatedto work passes visa and compliance services in Singapore. The firm has also helpedencourage foreigners to start and establish a business presence in Singapore.Our office is located at Raffles Place, in the heart of the Singapore business district.("CBD") If you are in our neighborhood and want to discuss any aspect of our servicethen feel free to come in to our offices during business hours. Appointments are
    • welcome but definitely not necessary.Rikvin Consultancy Pte LtdAddress: 20 Cecil St. #14-01 Equity Plaza, Singapore 049705 (Next to Republic Plazaand Raffles Place MRT)Website: <a href="http://www.rikvin.com/">http://www.rikvin.com</a>Main Line: (65) 6438 8887Fax: (65) 6438 2436