Expanded Key Points:

• Mandatory Registration Threshold:
  Businesses must register if taxable turnover exceeds S$1 million in the past 12 months or is expected to exceed in the next 12 months.
• Voluntary Registration:
  Available for businesses below the threshold; must remain registered for at least 2 years.
• Quarterly GST Filing:
  Returns must be filed within one month after the end of each quarter.
• Input Tax Credit:
  Businesses can claim GST paid on purchases used for taxable supplies.
• Common GST Schemes:
  • Cash Accounting Scheme
  • Discounted Sale Price Scheme
  • Gross Margin Scheme
  • Hand Carried Exports Scheme
  • Import GST Deferment Scheme
  • Major Exporter Scheme
  • Tourist Refund Scheme
  • Zero GST (ZG) Warehouse Scheme
• Penalties for Non-Compliance:
  Late filing, incorrect returns, or failure to register can result in fines and penalties.
• GST Audit Preparedness:
  Maintain proper documentation and reconcile GST reports regularly.