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Before configuring Singapore GST on Financio, you may want to visit the following resources for more clarification:
If you are setting up GST at a later time (after your initial 7-steps business setup), you will find this article useful. It will guide you to activate the pre-configured Singapore GST on Financio in just a few steps.
- Click on the Control Panel > Master Data > Taxes
- Taxes will be created in a new tab.
- Click on Add New button.
- Select GST from the dropdown list of the Type field.
- Select the Effective Date, when your business becomes tax registered and start collecting tax from your customers.
- Update the Filing Frequency (where applicable).
- The standard procedure is to file GST returns every 3 months (Quarterly). While you may request for monthly or half-yearly filing instead, this is subject to the Comptroller’s approval.
- Select your CA (Customer Accounting) Statement.
8. Regulation 34 Business toggle if this regulation is applicable for your business.
- Click here for more info.
- Click Save and you have already activated Singapore GST on Financio.