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Should I registered GST for my Company in Singapore?

My Company’s revenue is less than $1 million, Should I registered GST for my Company? Please go through the article and you will get your answer.

GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. The only exemptions are for the sales and leases of residential properties and the provision of most financial services. Export of goods and international services are zero-rated. In some countries, GST is known as the Value Added Tax (VAT).

It is compulsory for businesses setup to come forward to register for GST when their turnover exceeds $1mil per year. Businesses that do not exceed $1mil in turnover may register for GST voluntarily.

After registration, businesses must charge GST at the prevailing rate. This GST that they charge and collect is known as output tax, which has to be paid to IRAS. GST incurred on business purchases and expenses (including import of goods) are known as input tax. Businesses can claim input tax if conditions for claiming are satisfied. This credit mechanism ensures that only the value added is taxed at each stage of a supply chain.

A GST-registered business is required to submit GST return to IRAS at the end of each prescribed accounting period (usually on a quarterly basis). The business will report its output tax and input tax for that prescribed accounting period in the GST return. The difference between output tax and input tax is the net GST payable to or refundable from IRAS.

If you are not a GST-registered business, you cannot claim the GST incurred on your purchases. However, you will not need to charge your customer for GST as well.

For illustration of how GST is work, please refer to
How does GST work
You should consider the following before you register as GST
1) Responsibilities of a GST-registered business – Once registered, you are a GST collecting agent of the government. This means that there are responsibilities that you need to fulfill. Complying with these responsibilities may increase your administrative costs.
2) Profile of your suppliers
3) Profile of your customers
4) Type of sales which you make
5) Your pricing decision after GST registration

For detail information on issues to consider before register GST, please refer to
Factors to Consider Before Registering Voluntarily for GST