Completing GST Return
GST Form 5 is a document containing the details of the income which taxpayers have to file with the tax authorities. Business owners have to file GST returns that include sales, purchases, GST on sales, and GST paid on purchases.
It's compulsory to file a GST Return form under GST regulations. If business owners fail to do so, it will lead to a fine of $5000 or imprisonment of six months.
Steps to complete GST Form
- The GST Form 5 has 15 boxes that need to be filled.
- You can log in to myTax Portal to access your GST Return portal.
- All figures reported under GST Return have to be in Singapore Currency.
- If you have transactions in foreign currency, please refer to Foreign Currency Transactions on how you should report them in Singapore currency.
- Even if you do not have any transactions during the prescribed accounting period, you are still required to e-File a nil return (i.e., fill in ‘0’ for all boxes).