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Thread: Should a Sole Propriotor firm selling stock images and prints charge GST?

  1. #1

    Default Should a Sole Propriotor firm selling stock images and prints charge GST?

    Hi,

    I have registered a sole priotor firm to sell stock images (through stock agencies) and prints (through my website).
    Should I include the GST in my cost? If yes, how do I pay gst to the govt?

    Note: firm is registered, have not registered for GST yet.

    Thanks for the kind help.
    Vivek

  2. #2

    Default Re: Should a Sole Propriotor firm selling stock images and prints charge GST?

    Quote Originally Posted by photograpix75 View Post
    Hi,

    I have registered a sole priotor firm to sell stock images (through stock agencies) and prints (through my website).
    Should I include the GST in my cost? If yes, how do I pay gst to the govt?

    Note: firm is registered, have not registered for GST yet.

    Thanks for the kind help.
    Vivek
    Ask your accountant.

    Regards,

    Hart

  3. #3
    Moderator catchlights's Avatar
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    Default Re: Should a Sole Propriotor firm selling stock images and prints charge GST?

    Quote Originally Posted by photograpix75 View Post
    Hi,

    I have registered a sole priotor firm to sell stock images (through stock agencies) and prints (through my website).
    Should I include the GST in my cost? If yes, how do I pay gst to the govt?

    Note: firm is registered, have not registered for GST yet.

    Thanks for the kind help.
    Vivek
    in short, if your turnover is more than $1 million, than is a compulsorily.

    Is GST registration compulsory?

    You are required to continually assess whether your business needs to be registered for GST compulsorily.
    In most cases, registering for GST is compulsory when:

    • your taxable turnover for the past 4 quarters* is more than $1 million (unless you are certain that business turnover in the next 12 months will not exceed $1 million); or
    • you are currently making sales and you can reasonably expect your taxable turnover in the next 12 months to be more than $1 million.

    If your situation is either of the above, you need to apply for GST registration within 30 days of the date which your registration liability arises.
    If your business turnover does not fall under both circumstances, you do not need to register for GST. However, you may choose to register for GST on a voluntary basis after careful consideration. Please refer to our flowchart (compulsory or voluntary registration) or e-Tax Guide Do I Need To Register? (208KB) for more details on determining if you should register under compulsory basis, voluntary basis or do not qualify for GST registration.
    *Note: Business turnover for the past 4 quarters is determined at the end of any quarter and consist of the total value of your turnover in that quarter and the previous 3 quarters. Quarter refers to a period of 3 months ending on the last day of March, June, September or December.
    IRAS: Do I need to register



    hope this help.
    Shoot to Live, Live to Shoot
    www.benjaminloo.com | iStock portfolio

  4. #4

    Default Re: Should a Sole Propriotor firm selling stock images and prints charge GST?

    If your turnover is less than $1m, it is not compulsory to register for GST. In such case, registering is voluntarily. Weighs the pros and cons of voluntary registeation.

    The key advantage is you can claim back GST for your expenses and purchases which thus lower your cost. Against this will be you got to charge GST for all your local sales which may make your price higher. Having said this, if you are not GST registered but your suppies is, your cost is effectively 7% higher. You will also have to file your GST return on a quarterly basis.

    More info here IRAS: Compliance Matters For GST (Audit, Investigation, Non - Filing, Non - Payment, etc)
    Last edited by kkgoxplore; 17th June 2012 at 08:46 PM. Reason: Duplicated sentence

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