Definition: GST (Goods and Services Tax) is Singapore’s consumption tax. GST-registered businesses must report it to IRAS using Form F5, a quarterly return summarising output tax (collected on sales) and input tax (paid on purchases). Accounting software like QuickBooks Online can track GST automatically and generate a customised IRAS Form F5.
Why it matters for Singapore businesses
Manual GST tracking is error-prone, and IRAS penalties for incorrect filing are real. Software that is set up correctly tags every transaction with the right GST code, so your output and input tax totals are accurate when it’s time to file. Getting GST rules configured from day one — especially during a migration or fresh setup — keeps your Form F5 reporting clean.
How accounting software helps
- Automatically applies the correct GST treatment to sales and purchases.
- Tracks output tax and input tax separately.
- Generates a report mapped to the IRAS Form F5 boxes.
- Reduces manual calculation and the risk of filing errors.
Common mistakes
- GST configured incorrectly at setup. Wrong tax codes flow into every transaction and corrupt the F5.
- Mixing GST and non-GST periods during migration. Choose your cut-over date carefully.
- Assuming the software files for you. Software prepares the figures; you (or your accountant) still submit to IRAS.
Related terms
- QuickBooks Online — tracks GST and generates the IRAS Form F5
- Chart of Accounts — must be correctly categorised for accurate GST reporting
- Data Migration — the point where GST settings must be configured correctly
Further reading
Want GST set up right from day one?
BreakFixNow can help you get onto QuickBooks Online with GST tracking configured for accurate IRAS reporting.
Get a free quote via WhatsApp →
← Business Software terms · ← All Glossary Terms