GST E-Submission F7 (Correction - Error on 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 F8 (Cancellation - Final GST Submission)

What is GST F7?

GST F7 is a declaration made to IRAS when a business has made an error in its previous GST F5 filings (quarterly reporting). You may choose to correct a GST filing error through an administrative concession, which applies if the net GST amount error is less than SGD 1,500 or if the sum of the error of the non-GST amount for each affected accounting period is less than 5%. This concession allows the business to correct the error in the next GST filing.

However, if the business has overpaid GST, it can file an F7 form within 5 years of the affected accounting period to claim a refund.

How to perform GST E-submission F7 on Financio. 

Step 1: Head over to GST filing, 

Step 2: Click "View" on the period that you would like to make the correction.

*Note, that Financio will automatically apply the relevant filing F5 - for first time filing, F7 - for correction, F8 final submission prior to cancellation of GST. Thus, in order to submit the correction, the amendment must be applied on the past invoice first before submitting the F7 form via the GST Filing menu.

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.