How can I prepare my business for a GST Rate implementation and Change?

“Raise the GST rate to 7% with effect from 1 July 2007” announced by
Second Minister for Finance, Mr Tharman Shanmugaratnam in his
budget speech on 15th February 2007.
 
Enterprises with annual turnover of S$1 million are liable to register
for GST. However, you may choose to apply for voluntary registration
if your annual turnover is less than S$1 million.
 
SPRING Singapore has a GST Assistance Scheme for SMEs who opt for
voluntary GST registration. The funding is up to 50% of the qualifying
costs, subject to a maximum grant of $5,000. Your business qualifies
as long as: