The update provides detailed, box-by-box guidance for filling out Form GST F5, the standard form used for reporting GST.
The Inland Revenue Authority of Singapore (IRAS) has released revised instructions for completing GST returns. The update provides detailed, box-by-box guidance for filling out Form GST F5, the standard form used for reporting GST.
Before filing the GST F5 return
- The GST F5 return contains fifteen boxes that must be completed.
- GST returns are accessible through the myTax Portal.
- All figures reported in the GST return must be stated in Singapore currency.
- For transactions in foreign currency, refer to the guidance on foreign currency transactions for reporting in Singapore currency.
- A nil return must still be e-Filed, with ‘0’ entered in all boxes, even if there are no transactions during the prescribed accounting period.
The form includes up to 21 sections, with each one detailing a particular element of a taxpayer’s GST transactions.
