All GST registered businesses are required to file GST F5 tax returns with IRAS.
The guidelines to filing GST returns are as follows:
Tax returns for GST must be filed electronically through the myTax Portal either on a monthly or quarterly basis.
A business still needs to file a NIL return even if no GST transactions occurred during an accounting period.
After submitting F5 returns, companies have a month to pay GST to IRAS.
A company should report both its input tax and its output tax.
In order to calculate a company's net GST, it must subtract its input GST from its output GST. Output tax is the GST that the company collected from its customers. Input tax is the GST that the company paid on purchases from suppliers or on imported goods.