Updated: 04/11/2014 22:52

Manufacturer becomes second company to be charged for failing to register for GST



Manufacturer becomes second company to be charged for failing to register for GST

A manufacturer of metal doors and windows has been charged for failing to register for Goods and Services Tax or GST. 

Creative Engineering Works is the second company to be charged this year. 

It'll have to pay some $170,000 in taxes and penalty, and a court fine of $5,500.

Under the law, businesses with an annual sales turnover of more than $1 million must register for GST. 

And a GST-registered company has to charge taxes on its sales. 

The Inland Revenue Authority of Singapore or IRAS reminds businesses to monitor their taxable turnover at the end of each quarter. 

Once their yearly turnover crosses the million dollar mark, they have to register within 30 days. 

Failure to do so could result in a fine of up to $10,000 and a penalty amounting to 10 percent of the tax due, beginning from the date the business is supposed to register for GST. 

The business will also have to pay the outstanding GST on all past transactions.

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