- Businesses in Singapore must submit a goods and services tax return every quarter.
- The return is a preprinted form with predefined data.
- The form requires information such as total accounts receivable, total accounts payable, total input taxes, total output taxes, and goods and services tax to be paid or refunded.
- Before preparing a tax return, certain Customizing settings must be made.
- These settings include creating tax codes for different types of sales and purchases, defining a tax grouping version, and assigning it to the company code.
- The tax base amount grouping and tax balances grouping must also be defined.
- To generate the GST returns, the Advance Return for Tax on Sales and Purchases report must be run.
Source: help.sap.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
