Goods And Services Tax (GST) Assistance Scheme
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Get a grant to lower the cost of setting up a GST-compliant accounting IT system when becoming a GST-registered trader. GST traders can collect GST and claim back for GST paid to suppliers.
The GST Assistance Scheme has lapsed on 30 June 2009. If you require assistance to improve your record keeping with the use of accounting software, you can apply for Infocomm@SME - Accounting Software Assistance Scheme.
This information below is left online for archive purposes only. It will be removed on 1 August 2009. | For who?
- All local businesses that have opted for voluntary GST registration with the Inland Revenue Authority of Singapore (IRAS) and wish to set up or improve their accounting system to be GST-compliant.
- GST traders can collect GST and claim for GST paid to suppliers.
- Voluntary registration applies only to businesses whose annual turnover is S$0 - S$1 million. It is compulsory to register for GST if your annual turnover is more than S$1 million.
- Your business qualifies if:
- your business is registered in Singapore
- your group fixed assets are worth S$0 - S$15 million*
- you have 0 - 200 employees (for companies in the services sector)*
- you have not previously registered as a GST trader
- your voluntary GST registration is approved between 1 March 2007 and 30 June 2009
For what?
- To defray part of the cost of setting up a GST-compliant accounting IT system.
How much?
- The maximum grant amount is S$5,000 per company. It can be used to pay for:
- 100% of GST-compliant accounting software costs
- 50% of qualifying costs
- Qualifying costs include:
- professional fees and training costs charged by third-party IT consultants
- IT hardware costs
- one time activation charge and 1 year Internet subscription fees for a new Internet connection
Things to note
- You can apply for this grant only once.
- Your application must be received by SPRING Singapore at least one working day before the commencement date of the project or purchase of hardware, software or Internet services, whichever is earlier.
- This grant is given on a reimbursement basis. Full and complete payment of all costs involved must be made prior to claim submission.
- Approval for voluntary registration of GST is at the discretion of the Comptroller of GST. Once approval is given, you must remain registered for at least 2 years.
- There are two deadlines you need to pay attention to:
- Your application for this grant must reach SPRING within 3 months of being approved as a GST trader.
- Your project must be completed within 6 months from the date stated in SPRING's letter of offer.
For more info
Goods and Services Tax (GST) Assistance Scheme
SPRING Singapore |
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