Singapore GST & the IRAS GST F5 return
GST is Singapore's broad-based consumption tax — 9% standard since 1 January 2024, administered by the Inland Revenue Authority of Singapore (IRAS). Registered businesses charge GST, recover input tax, and file the GST F5 return each quarter through the myTax Portal.
When you have to register
Registration is compulsory once your taxable turnover crosses S$1 million — either looking back over the past calendar year (retrospective test) or looking forward when you can reasonably expect to cross it in the next 12 months (prospective test). You must apply to IRAS within 30 days of the liability arising.
Voluntary registration below S$1 million is allowed and common where your customers are themselves GST-registered and you want to recover input GST on your costs. Voluntary registration carries a minimum two-year commitment and some IRAS conditions (such as GIRO for payment and completion of e-learning).
The rates
- 9% — the standard rate since 1 January 2024 (up from 8% in 2023, 7% before that).
- 0% — zero-rated: exports of goods and international services.
- Exempt — sale and lease of residential property, most financial services, the supply of digital payment tokens, and investment-grade precious metals. No GST charged and input GST generally not claimable on related costs.
- Out of scope — private transactions, third-country sales of goods, and sales within Zero-GST warehouses / Free Trade Zones.
As always, the zero-rated vs exempt distinction matters: zero-rated supplies let you recover input GST, exempt supplies do not. Businesses making both (notably property and financial services) have to apportion input tax.
Reverse charge and Overseas Vendor Registration
Singapore closed the cross-border GST gap from two directions. The reverse chargeapplies to businesses that can't fully recover input tax: when you import services (and, from 2023, low-value goods), you account for the 9% GST as if you were the supplier. Overseas Vendor Registration (OVR) is the other side: overseas suppliers of digital services to Singapore consumers must register with IRAS and charge 9%.
HelloBooks records the GST correctly when it arrives on an OVR-registered supplier's invoice. Reverse-charge entries on imported-service bills are on our roadmap — until then you post those adjustments yourself before you file the GST F5.
How HelloBooks handles a Singapore GST quarter
- Every invoice and bill carries a GST treatment (9%, 0%, exempt, or out-of-scope) — set automatically from the item and the customer / supplier location, overridable per line.
- At quarter-end, HelloBooks computes the GST F5 — standard-rated supplies and output tax, zero-rated, exempt, taxable purchases and input tax, and the net GST payable/refundable — and lets you drill each box back to source documents.
- You review and file the GST F5 on the IRAS myTax Portal, due one month after the end of the accounting period.
- Need to correct a filed return? HelloBooks tracks the adjustment for the GST F7 with a full audit trail.
HelloBooks also computes Section 45 withholding tax on payments to non-residents (interest, royalties, management/technical fees, non-resident director fees), with DTA-reduced rates where a Certificate of Residence applies — a Singapore statutory obligation that sits alongside GST.
Frequently asked questions
When must I register for GST in Singapore?
Registration is compulsory under two tests. The retrospective test: your taxable turnover exceeded S$1 million over the past calendar year. The prospective test: you can reasonably expect taxable turnover to exceed S$1 million in the next 12 months. You must apply within 30 days of the liability arising. Voluntary registration below S$1 million is allowed (and common where you want to recover input GST), but it comes with a minimum two-year registration commitment and, for some, IRAS conditions.
What is the current GST rate in Singapore?
The standard rate is 9%, effective 1 January 2024 (it rose from 8% in 2023 and 7% before that). A 0% (zero) rate applies to exports of goods and to international services. Some supplies are exempt — the sale and lease of residential property, most financial services, the supply of digital payment tokens, and investment-grade precious metals — where no GST is charged and input GST on related costs generally cannot be claimed.
What is the reverse charge on imported services?
Since 1 January 2020, GST-registered businesses that would not be entitled to full input tax credit must apply the reverse charge to imported services (and, from 2023, low-value imported goods) — you account for the output GST as if you were the supplier and claim input GST subject to your recovery position. This levels the field between local and overseas suppliers. HelloBooks does not yet compute the reverse charge for you — the GST F5 reverse-charge boxes are on our roadmap, so those entries stay yours to account for.
What is Overseas Vendor Registration (OVR)?
OVR is the flip side of the reverse charge: overseas suppliers of digital services (and, from 2023, low-value goods and non-digital services) to Singapore consumers must register and charge 9% GST. If you are a Singapore business buying from an OVR-registered vendor, you'll see GST on the invoice. HelloBooks records that GST correctly when it arrives via OVR on the supplier invoice; reverse-charge amounts on your own side are still yours to account for.
What does the IRAS GST F5 return contain?
The GST F5 reports standard-rated supplies and the output tax on them (boxes 1 and 6), zero-rated supplies (box 2), exempt supplies (box 3), total supplies (box 4), taxable purchases and input tax claimed (boxes 5 and 7), and the net GST payable or refundable (box 8), plus specific boxes for reverse charge and other adjustments. HelloBooks computes boxes 1 to 8 and box 13 from your ledger and lets you drill each figure back to the underlying invoices and bills. The GST F7 corrects an already-filed F5.
Does HelloBooks file the GST F5 directly with IRAS?
HelloBooks prepares the GST F5 return from your live ledger — standard-rated, zero-rated and exempt supplies, taxable purchases and input tax — ready for you to file on the IRAS myTax Portal each quarter. Direct IRAS e-filing (and the InvoiceNow e-invoicing requirement IRAS is phasing in for GST-registered businesses) is on our roadmap; today HelloBooks handles the preparation and reconciliation so filing on myTax Portal takes minutes.
Authoritative sources
Singapore GST rules are set by IRAS and can change at Budget. Always verify the current position with the official IRAS sources below before you file.
- IRAS — iras.gov.sgThe Inland Revenue Authority of Singapore. Definitive guidance on GST registration, rates, the GST F5 return, and the myTax Portal filing service.
- IRAS — Goods & Services Tax (GST)GST basics — the 9% rate, what is taxable, zero-rated and exempt, and how the tax works for Singapore businesses.
- IRAS — Registering for GSTCompulsory registration at S$1 million of taxable turnover, retrospective and prospective tests, and voluntary registration.
- IRAS — Completing the GST F5 ReturnHow to complete and file the quarterly GST F5 return (and the GST F7 to correct an already-filed F5) through myTax Portal.
AI bookkeeping for Singapore SMEs — GST built in, not bolted on
HelloBooks is AI-first accounting software for Singapore SMEs: SGD invoicing, 95%+ categorisation, bank reconciliation, P&L / balance sheet / cash flow — with the IRAS GST F5 return prepared from the same ledger, reverse charge and Overseas Vendor Registration handled. Every figure ties back to a journal entry you can audit.