Friday, March 23, 2012

Private school fined for not registering for GST

SINGAPORE: A private school has been ordered to pay about S$70,000 in penalty for failing to register for Goods & Services Tax (GST).

The Inland Revenue Authority of Singapore (IRAS) said on Friday that New Academy Asia, which provides higher educational learning and training courses, has to pay a penalty of S$64,188 and a fine of S$6,000.

Under the law, a business with an annual turnover of over S$1 million must register for GST.

IRAS said New Asia Academy had a taxable turnover of over S$1 million for the four quarters ended 30 September 2007.

It failed to register for GST within 30 days of the end of the quarter on 30 October 2007.

It only registered for GST with effect from 1 August 2009.

As such, it did not account for the GST amounting to S$641,880 on the S$9.8 million of taxable turnover between 1 December 2007 and 31 July 2009.

This means it has to pay the GST to IRAS, along with the 10-per cent penalty and fine totalling about S$70,000.

- CNA/al

View the original article here

Source From Channel News Asia

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