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Did you FORGET to register for GST?

Apparently, a tuition centre and second-hand car trader conveniently forget to register for GST!!!

The law says, “All businesses, including individuals deriving income from their trade, profession or vocation, should closely monitor their income and regularly assess if they need to register for GST. If their past 12-month taxable turnover has exceeded $1 million at the end of any calendar quarter, they are required to apply for GST registration within 30 days.”

Who are the Guilty parties? And what is the punishment? Prison?

  1. Ideas Ink School Pte Ltd (“Ideas Ink School”), a tuition centre, and its two company directors and brothers, Pek Kim Beng and Pek Kim Yew, were convicted for tax offences. Ideas Ink School was sentenced to a penalty of $7,645 and a fine of $2,000.
  2. Tay Soon Suan, 74, the director of Gunong Djati Credit Pte Ltd and Gunong Djati Trading Co Pte Ltd in Upper Serangoon Road, was also fined $6,000 along with a $68,464 penalty for a similar tax offence.

 

In addition to the GST violations, Pek Kim Beng and Pek Kim Yew also admitted to omitting their salary income to evade income tax.

Chee Mee Yen, Ideas Ink School’s bookkeeper and mother of the company directors, helped to prepare the income tax returns for the two directors, with investigations revealing that the cash salaries were omitted.

Sources – http://www.iras.gov.sg and Straits Times

 

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