Two Things To Know About GST Advice
GST Advice – this is an important service rendered by consulting firms in Singapore like Reliance Consulting. This service is not required just because the clients want to avail for the sake of doing so but because these services are mandated by law and required by good business sense.
GST Advice: What The Law Says
Goods and Services Tax (GST) refers to the consumption tax levied on the supply of products and services in Singapore as well as the tax levied on the import of goods into the Lion City. This is an indirect tax, which means that it is expressed as a percentage of the sales price on the products and services provided by GST-registered businesses. At present, it is set at 7%.
Why get advice on GST? The reason is simple: The implementing rules and regulations on GST can be bewildering for the novice businessman, thus, putting his businessmen at risk for non-compliance with tax laws. The penalties, fines and surcharges involved can become so hefty it may as well sink the business.
Think of it this way: Yes, you have the option of complying with GST requirements on your own but you are most likely to run into issues arising from your general ignorance or general misunderstanding about the provisions of the GST law. For example, can you weigh the pros and cons of voluntarily registering for GST in a way that experienced consultants can?
Indeed, you will do well to follow the law in Singapore than to violate it in any way. Keep in mind that implementation of laws here is as stringent as it comes.
GST Advice: What Commonsense Says
Why spend the bulk of your time attending to the submission and compliance requirements of the laws of GST when you can let the professionals do it for you? You will then be able to spend more time on managing your business! Just imagine the amount of time that you can use for various aspects of management including marketing, selling and setting policy directions instead of taking on other tasks.
With both the law and commonsense saying that you must avail of professional GST Advice from the experts, you must act now. It will be in your best interests to do so.