Kharece InfoTech Pte Ltd - A Singapore Business Information Technology Consulting Company

Do you know that if you are a SMEs (Small and Medium Enterprises) and if you choose to volunteer in registering to be a Goods and Services Tax (GST) trader from 1 March 2007 onwards, you can apply for the Goods and Services Tax (GST) Assistance Scheme?

This is an assistance scheme for SMEs that have opted for voluntary GST registration with IRAS and wish to set up or improve their accounting system and processes to be GST-compliant. This GST Assistance Scheme is to help defray part of the cost of setting up an accounting IT system.

SMEs can apply for the GST Assistance Scheme within three months upon attaining IRAS’ approval as a voluntary GST trader. Your business qualifies as long as: -

• Your business is incorporated in Singapore
• Your fixed assets are not more than S$15 million*
• You have no more than 200 employees (for non-manufacturing companies)*
• You have not previously registered as a GST trader
• Your voluntary GST registration is approved from 1 March 2007 to 31 March 2009

* Computed on a group basis ie checking up to 3 levels for corporate shareholders holding 20% or more of the total shareholding in the company and 1 level down where the company holds more than 50% of the shareholding in a subsidiary company.



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

• Consulting fees
• Training fees charged by consultants;
• IT hardware costs
• One-time activation charges and subscription fees for internet connection for up to 1 year for a new internet connection.

Please take note of the following: -

• You can apply for the GST Assistance Scheme only once
• Your application for the GST Assistance Scheme must be recieved by SPRING Singapore at least one working day before the commencement date of the project or purchase of hardware, software or internet services, whichever is earlier.
• The grant for GST Assistance Scheme is given on a reimbursement basis. You need to pay for all the costs upfront and claim for the funds after your accounting systems are set up.
• Approval for the GST Assistance Scheme is at the discretion of the Comptroller of GST. Once approval is given, you must remain registered for at least 2 years.
• Your application for GST Assistance Scheme must reach SPRING Singapore within three months upon IRAS’ approval of your voluntary GST registration.
• Your project should be completed within 6 months
• The approval process takes about 2 to 3 weeks for SPRING Singapore to reply

Before you decide to apply, you need to consider carefully your ability to comply with all the responsibilities and obligations of being GST-registered, and the other related administrative costs you may incur in order to comply with the GST law. For more information, go to the SPRING Singapore website.



Application for the Goods and Services Tax (GST) Assistance Scheme

We are able to assist you in the application for the Goods and Services Tax (GST) Assistance Scheme should you be interested. We are able to provide all that you need to get you started. Take a look at our prices below: -

1. Accounting Software Cost: -

• For Service based businesses - Prices starts from S$198.00 onwards
• For Product based businesses - Prices starts from S$809.00 onwards
• For Retail based businesses - Prices starts from S$1968.00 onwards

2. Accounting Software Training: S$600.00 per person for a 3 day in-house course.

3. IT Consulting: S$2000.00

4. Full System Hardware: Prices starts from S$1500.00 onwards

5. Internet Connection (1 Year) cost: S$1326.00 (incl. Activation Charge)

Please contact us to arrange for a discussion at a time that is convenient to you.