There will be severe consequences if you are late in GST registration. It is considered an offense, and you are liable to fines and penalties on conviction.
Penalties you may face for late GST registration are:
- Registration date will be backdated to the last date when you were liable to register for GST.
- You will be liable to account for and pay GST on all your past sales from the date when you were liable to register. You have to pay the GST on all those sales even if you did not collect it from customers.
- A fine of S$10,000 and a penalty of 10% of total GST due may be imposed on you from the effective date of registration.
- There could be a prosecution in some cases.