This function allows you to process your company GST. It will process your GST transactions based on taxable period, generate a summary of your company GST so that you can submit your GST to Singapore IRAS.
To access GST Processor, click on the Tax Menu > GST Processor.
1. Move your mouse to the “Create” button > Click Create GST Return (F5) to generate your company GST. For the first taxable period, it will follow your GST Start Date set under Tax Settings.
2. A message will prompt for confirmation to create GST Return. Click “Yes” to proceed. The system will start to process the GST based on your transactions in that taxable period.
3. The GST Return will prompt after the system had summarized your company GST. If your transactions volume is huge, kindly wait for a moment for the system to process.
4. The GST Return will have 3 sections: GST F5 Return, IAF Viewer and Tax Summary.
5. The GST F5 Return section will display your company GST Summary for the period, filling each boxes accordingly. You will need to scroll to the bottom section and fill up the Declaration part before you can save this GST F5 Return.
6. The IAF viewer is for you to trace the details of transactions for this taxable period. It is separated into 3 different sections – Purchases, Supplies and Ledger.
7. Finally, the Tax Summary is for you to view your Taxable Amount and Tax by each respective tax codes. You can even drill down by clicking on the tax code to know what transactions contributes to the amount of this tax code.
8. Click “Save” if you had made changes as per Step 5 (GST F5 Return Declaration).
9. You can also click into this GST Return under “View Mode” for more functions.
10. Under View Mode, hover your mouse to the “Action” button and there will be additional further actions can be done on this GST Return – “Edit”, “Commit”, “Submit to IRAS”, “Print” and “Generate IAF”.
Edit: This function allows you to edit some of the editable fields for this GST Return.
Commit: This function is used once you already submit your GST Return and prepare to perform your tax payment to IRAS. It will generate a Journal in your company for this GST Return.
Submit to IRAS: This function allows you to submit this GST Return directly to IRAS. You will need your company CorpPass login to authorize this submission.
Print: This function allows you to print some of the related reports or printouts for this GST Return.
Generate IAF: This function will generate IAF file externally for audit purpose.