GST E-Submission F8 (Cancellation - Final GST Submission)

Introduction

It's finally here folks! Now Financio users can enjoy direct submission for GST to IRAS on quarterly returns, corrections and cancellations from Financio without having to visit the IRAS website to manually update their filings. This will not only improve your tax filing experience by speeding up the process but most importantly eliminate errors from occurring. 

Other Relevant articles, (Click to Jump to topic)

• GST E-Submission F5 (Filling - GST Returns)
• GST E-Submission F7 (Correction - Error on GST submission)

What is GST F8?

GST F8 is used when you want to cancel your GST registration. However, it can be cancelled only if your business is operating under certain instances. We have explained some of them below to give you an overview.

You must cancel your GST registration within 30 days if your business has ceased to operate, if your business no longer provides taxable services, if ownership of the business has been transferred, or if the business structure changes. You can also voluntarily cancel your GST registration if the taxable income for the following 12-month period is expected to be SGD 1 million or less and the business has not been under voluntary registration for more than 2 years.

It is important that you comply with any obligations to report GST, collect GST or make returns to IRAS by the last date of your GST notice. Form GST F8 contains all the records required up to the last day of your GST termination date and any outstanding GST payments or returns that need to be settled.

*Note that even after deregistration of your GST registration, you are required to retain detailed transaction records for up to 5 years.

How to perform GST E-submission F8 on Financio. 

Step 1: Head over to GST filing, 

Step 2: Click "View" on the report for your final submission. 

Step 3: Click on the 3 dots at the right corner of the window and select "Filing Submission".

*Note that Financio would automatically detect and show you the correct form respectively for the type of submission. One way to verify this will be by looking at the header line on the screen you are on. As shown in image 1.0 below.

(Image 1.0)

Step 4: Verify all the line items and the amounts, once done proceed to scroll to the bottom of the page and check the box for declaration then click submit.

Declaration: I declare that the information provided in this return is true and complete. I understand that penalties may be imposed for the submission of an incorrect return and/or position of false information to the controller of GST.

Step 5: Once clicked on submit, Financio will redirect you to Singpass website www.singpass.gov.sg. for your authorisation to submit the filing directly to IRAS.

Step 6: Key in your login details and hit log in. 

*Note, if you do not already have an account. "Register for Singpass" at the option below, log in and follow the necessary steps accordingly. 

Step 7: At the next window, search for UEN/Entity ID at the search column.

Step 8: Select your company at the result shown. 

Step 9: Once you have read the permission required and agree. Click on "Allow".

*The website will redirect back to Financio via our very own ABSS-connect function that has made this feature possible. Rest assured, your privacy and security is intact and our highest priority.

Once the page has been redirected, you would be presented with a submission history for review.