On or about 7 January 2020, the Inland Revenue Authority of Singapore (IRAS) has introduced for GST returns ending on or after 1 January 2020 to include two new boxes (Box 14 and Box 15), arise from the implementation of Reverse Charge (RC) and Overseas Vendor Registration (OVR).
For businesses e-filing its GST return on a quarterly basis, the first GST F5 which will include the two new boxes will be for the periods below:
- 1 Nov 2019 to 31 Jan 2020
- 1 Dec 2019 to 29 Feb 2020
- 1 Jan 2020 to 31 Mar 2020
Box 14 is only applicable to reverse charge businesses (e.g. financial institutions, residential property developers, etc.) importing services.
Box 15 is only applicable for electronic marketplace operators supplying digital services.
The GST return has to be authorised for GST (Filing and Applications) e-Service under CorpPass by the GST-registered business.
The steps for a GST e-Filing Process are as follows:
- GST e-Filing must be done by authorised users.
- Taxpayers need to log into myTax Portal.
- Taxpayers once logged in need to complete and e-File their GST return.
- A copy of the acknowledgement page and payment (if applicable) made to IRAS needs to be saved by the due date.
For more information, please visit the IRAS website.
Source: IRAS website, 7 January 2020