Understanding the GST F5 return: Purpose, structure, due dates, and penalties

What is the GST F5 return?

Form F5 is the GST return required to be filed with the IRAS (Inland Revenue Authority of Singapore) by every GST-registered business within one month from the end of an accounting period. The purpose of filing an F5 return is to account for the GST paid on purchases and GST collected on sales so the business can estimate their GST liability.

IRAS: The Inland Revenue Authority of Singapore (IRAS) is the body that oversees the implementation and administration of the Goods and Services Tax in Singapore. It stipulates the rules for GST registration, return filing, correction in returns, refunds, and deregistration.

Who should/can register for GST?

Any business with an annual taxable turnover of more than 1 million SGD is required to register for GST. Businesses with an annual turnover less than the prescribed threshold can voluntarily register for GST if they want to claim input tax on their purchases. Once registered, businesses should mandatorily file GST returns at the end of every accounting period.

A quick summary of details to be filed in your GST F5 return

Businesses should furnish details such as purchases from GST-registered suppliers, sales of goods or services, GST collected on sales, and GST input claims in their GST return. Businesses are required to file a nil return even if there are no business transactions in the accounting period. It is mandatory to submit the GST F5 return through the e-filing option in the myTax portal.

Structure of GST form F5

Check out the official IRAS website for a more detailed explanation of the structure of the GST F5 return.

Due dates of return filing and payments

GST return filing and payment should be done within one month from the end of each accounting period. In Singapore, the accounting period is usually a quarter; however, businesses can choose a monthly accounting period or a special accounting period subject to required approvals.

Due date for filing

Due date for payment

Note: GIRO (General Interbank Recurring Order) is a secure cashless payment system that automatically deducts the required tax amount from the bank account of the business and pays it to the IRAS (Inland Revenue Authority of Singapore).

Penalties for late filing and late payment

Late filing

• A late filing fine of $200 per month will be imposed if the GST return is not filed by the due date. The penalty will continue to be imposed every month for which the return is outstanding, up to a maximum of $10,000 for each return.

• In addition to the above, if the return is not filed by the due date, the Comptroller can make an estimated tax assessment for the business and impose a 5% penalty on the estimated tax amount. Once the return is filed by the business, the 5% penalty will be recalculated based on the actual tax amount mentioned in the return.

• Court summon and/or warrant of arrest can also be issued if the GST return is not filed.

Late payment

• If the GST is not paid by the due date, a one-time penalty of:

  • 5% of the tax amount estimated by the comptroller, if the return is not filed; (or)

  • 5% of the tax amount mentioned in the return.

• If the GST payment remains unpaid for more than 60 days after the imposition of the above 5% penalty, an additional 2% penalty will be imposed every month until the payment is completed. The total additional penalty cannot exceed 50% of the outstanding tax.

GST F7: Correcting errors in the GST return

• Errors in any of the GST returns filed can be corrected by filing a GST F7 return.

• The F7 return filed will supersede any return(s) filed prior to it for the same accounting period.

• The F7 can be used to correct errors in returns like F5, F7, and F8.

• A consolidated F7 return can be filed at the end of the year to correct the errors made in multiple GST returns filed during that year in one go.

• Any errors in the return should be corrected within five years from the end of that particular accounting period.

F8 (Final) GST return

• This is the final return filed by the business when it decides to close its operations.

• The business will be intimated of the effective date of GST deregistration when their application to cancel the GST registration is approved. Business should account for the output tax on the taxable assets held by them at the last day of GST registration.

• Output tax is something levied on the sales made by the business. But in this case, businesses should report the output tax in the return as if they have sold the goods in the course of business, regardless of whether they have actually sold them or not.

Simplify GST accounting for your business

GST handling is crucial for every business, as they have to apply GST for every transaction and compute total tax liability at the end of an accounting period. Any errors at one point can impact the overall accuracy of the returns filed with the tax authority.To claim proper tax credits and to file accurate tax returns, businesses should ensure they apply appropriate tax rates for every transaction recorded in the accounting books.

It is prudent for a business to use accounting software that can automatically apply the relevant tax rates to business transactions so they eliminate manual errors. Explore Zoho Books, GST-compliant accounting software that can not only automatically apply correct GST rates but also auto-generate GST returns for a particular accounting period based on the transactions recorded in the books.

The recent development in the Singapore tax landscape

The IRAS has introduced an e-invoicing mandate to improve the integrity of GST reporting in Singapore. From November 2025, the e-invoicing mandate will be introduced in a phased manner for businesses on a voluntary basis. However, it is wise for businesses to plan for the e-invoicing adoption so they are prepared to comply when e-voicing becomes mandatory. Check out Zoho Books' e-invoicing feature that can streamline the invoicing process for your business.