In Singapore, GST software refers to software solutions that help businesses comply with the Goods and Services Tax (GST) regulations set by the Inland Revenue Authority of Singapore (IRAS). GST is a tax levied on the consumption of goods and services in Singapore.
Table of Content
1. What is GST?
2. What are the Eligibility Criteria?
3. What are the advantages of having GST Software?
4. What are the Top 8 GST software 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 8%.
What are the Eligibility Criteria?
A company is required to register compulsorily for GST if the business’s turnover has been more than $ 1 million in the past 12 months or if you expect your turnover to exceed $ 1 million in the next 12 months.
You may also voluntarily apply for GST registration depending on your business operations.
Advantages of GST Software
- 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 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 to consumption, it does not tax savings.
- The cost of doing business is reduced, thereby contributing to lower prices.
Top 8 GST Software in Singapore
1. Moiboo Software
| Name | Moiboo Software |
| Website | https://www.moiboo.com/ |
| Grants | Yes 50% |
| Contact | +65 98951817 |
Moiboo is an Accounting Software for small businesses, 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 50 percent PSG Grant.
2. Xero Software
| Name | Xero software |
| Website | https://www.xero.com/ |
| Grants | No |
| Contact | sales@xero.com |
Xero is an Accounting software for Small businesses. accountants and Bookkeepers that will help your business to grow.
3. ABSS/MYOB
| Name | ABSS software |
| Website | https://sg.abssasia.com/ |
| Grants | Yes |
| Contact | +65 9720 6813 |
ABSS formerly MYOB is an accounting software for SMEs to manage their operations and finances. It helps to get your business performance at your fingertips.
4. Smartcursors
| Name | Smartcursors software |
| Website | https://smartcursors.com/ |
| Grants | Yes |
| Contact | +65 6336 5500 |
Smart Cursors is accounting software that manages finances and business performance, It’s mainly recommended for multi-entity organizations. Smart Cursors make it easier to manage the financial transactions of multiple entities through a single platform.
5. Sage Software
| Name | Sage software |
| Website | https://www.sage.com/ |
| Grants | NO |
| Contact | +1-866-996-7243 |
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 a simple and easy-to-navigate interface and has multiple features.
6. Freshbooks
| Name | Freshbooks software |
| Website | https://www.freshbooks.com/ |
| Grants | NO |
| Contact | +1-866-303-6061 |
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 streamlines your business operations and makes it easier for you to connect with partners and customers.
7. Tally
| Name | Tally software |
| Website | http://www.tally.com.sg/ |
| Grants | NO |
| Contact | +65 6220 0230 |
Tally is a user-friendly affordable software to manage your business and inventory efficiently.
8. Autocount Accounting
| Name | Autocount software |
| Website | https://autocountsoft.com.sg/ |
| Grants | Yes |
| Contact | +65 9144 1373 |
Autocount software is an accounting software that turns unnecessary business processes into an efficient and convenient streamlined procedure.
Conclusion
GST is charged to the end user therefore does not become a cost to the company, the business is merely a collecting agent on behalf of the Singapore tax department.
If you are looking for PSG Grant Accounting software for your business we recommend you to try our moiboo Accounting Software to automate your business end-to-end., click here for the free demo or Please feel free to call for more details: +65 9895 1817
FAQS:
What is accounting GST software?
GST accounting software typically automates many of the processes involved in calculating and reporting GST, including:
1. Generating invoices with GST included
2. Tracking GST payments and receipts
3. Preparing GST returns and reports
4. Verifying GST amounts and making adjustments where necessary
5. Filing GST returns electronically with the relevant tax authorities
By using GST software, businesses can streamline their GST compliance processes, reduce errors and inaccuracies, and save time and effort. Additionally, many GST accounting software solutions are cloud-based, which allows for remote access and collaboration, as well as automatic updates to the latest GST rules and regulations. Among the Popular GST accounting software in Singapore includes Moiboo, Xero, MYOB, and QuickBooks.
What is the difference between bookkeeping software and accounting software?
Bookkeeping software is designed for managing basic financial transactions while accounting software is designed for more advanced financial management tasks. Depending on the size and complexity of your business, you may need both types of software to effectively manage your finances.
What are the GST rules in Singapore?
A goods and Services Tax is a tax on the supply of goods and services. These are some of the key GST rules in Singapore GST Registration, GST Filing and Payment, GST Exemption, and GST Refund Scheme.
What items are exempt from GST in Singapore?
In Singapore, some goods and services are exempt from GST. Here are some examples Financial Services, Residential Properties, Healthcare Services, Education Services, Basic Food Items, and Exports Goods and services exported from Singapore are generally zero-rated, which means that GST is charged at 0%
These are some of the common items that are exempt from GST in Singapore. It is important to note that GST rules and regulations may change over time, and it is advisable to consult with the Inland Revenue Authority of Singapore (IRAS) or a tax professional for up-to-date information.