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


Nov 1, 2008
144
0
0
Yishun
#1
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
 

Agetan

Senior Member
Dec 31, 2004
4,669
15
38
www.tomato.sg
#2
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
 

catchlights

Moderator
Staff member
Sep 27, 2004
21,903
46
48
Punggol, Singapore
www.foto-u.com
#3
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.
 

Sep 19, 2006
608
0
0
East
www.flickr.com
#4
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)
 

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