Goods And Services Tax (GST) Assistance Scheme

An assistance scheme for Singapore-based SMEs who voluntarily register to be a Goods and Services Tax (GST) trader from 1 March 2007

This is an assistance scheme for local businesses which have opted for voluntary GST registration with IRAS and wish to set up or improve their accounting system and processes to be GST-compliant.

You can apply for the GST Assistance Scheme if your company meets these criteria:

registered or incorporated in Singapore
your company’s group fixed assets are worth below $15 million
you have not more than 200 employees (for companies in the services sector)
You have previously not registered as a GST trader before
You are approved as a voluntary GST registrant from 1 March 2007 to 31 March 2009

Cost claimable under the GST Assistance Scheme

The GST Assistance Scheme supports up to 100% of accounting software costs, and 50% of the qualifying costs for the following cost items, subject to a maximum grant of $5,000 per company:

Professional fees and training costs charged by third party IT consultants;
Hardware costs; and
Subscription fees and one time activation charges for a new internet connection

All qualifying costs must be incurred after project commencement or effective GST registration date, whichever is earlier.

Things to note when applying for the Assistance Scheme

You can apply for the GST Assistance Scheme only once
Your application for the GST Assistance Scheme should be submitted to SPRING Singapore within three months upon IRAS’ approval of your voluntary GST registration
Your project should be completed within 6 months