1.what is GST?
2.Why is eligibility criteria?
3.What are the advantages of having GST?
4.What are the Top 8 GST softwares in Singapore?
What is GST
GST ( Goods and Services Tax) was implemented in 1994. If you are a GST registered company you need to collect GST from your customers for the goods and services rendered by you and pay the tax collected to the tax authorities.The current rate of GST is 7%.
Eligibility for GST
A company is required to register compulsorily for GST if the turnover of the business is more then $1million in the past 12 months or you expect your turnover to exceed $1million in the next 12months.
You may also voluntarily apply for GST registration depending on your business operations.
Advantages of GST
- GST serves as a benefit to the Government by providing a stable tax income and it leads to economic growth.
- When a business gets itself registered to GST, it serves as a proof to the customers that the company is doing well.
- GST is a fair system, as it taxes self employed and wage earners only when they spend their money
- GST applies only on consumption, it does not tax on savings.
- Cost of doing business is reduced, thereby contributing to lower prices.
Top 8 GST software in Singapore
Moiboo is an Accounting Software for small business, which unlike other accounting software, can help you run your entire business end-to-end, so you will not need any other customized accounting software. Moiboo is a software listed on IRAS ” ASR”. It has an Accounting plugin included and quick and easy GST Filing can be done. MOiboo also has a 80 per cent PSG Grant.
Source : www.xero.com
|Price||$40 per month|
Xero is an Accounting software for Small businesses . accountants and Book keepers that will help your business to grow.
Source : www.smetechsg.com
|Contact||+65 9720 6813|
ABSS formerly known as MYOB is an accounting software for SME’s to manage their operations and finances. It helps to get your business performances at your finger tips.
Source : smartcursors.com
|Contact||+65 6336 5500|
|Price||$30 to $100 per month|
Smart Cursors is accounting software that manages the finances and business performance for less than $50 per month. It’s mainly recommended to multi-entity organisations.Smart Cursors makes it easier to manage financial transactions of multiple entities through a single platform.
|Price||$12 per month|
Sage caters to both small and medium-sized businesses.its user-friendly accounting software is designed to reduce the administrative workload of small businesses, allowing employees to spend more time on enhancing brand development.It is simple and easy-to-navigate interface and has multiple features.
|Price||$6 per month|
FreshBooks is made for both freelancers and self-employed professionals as well. There are affordable accounting packages suitable for the budget of contractual individuals.It streamline your business operations and make it easier for you to connect with partners and customers.
Source : www.tally.com.sg
|Contact||+65 6220 0230|
|Price||$2700 + $150 GST module|
Tally is a user friendly affordable software to manage your business and inventory efficiently.
Source : www.autocount.com.sg
|Contact||+65 9144 1373|
Autocount software is an accounting software that turns unnecessary business processes into an efficient and convenient streamlined procedure.
GST is charged to the end user therefore does not become a cost to the company, the businesses merely as a collecting agents on behalf of the Singapore tax department.