File Your General Sales Tax Return
The GST return must be filled by all businesses that are registered for General Sales Tax. You must register for GST if your annual turnover is or exceeds $75,000 annum. Also, if you have been carrying on a business for less than 12 months and the average monthly value of taxable supplies was $6,250 monthly or more, is also required to register for GST. The rate of GST applicable to a taxable supply or importation is:
- if the supply or import is zero-rated under the First Schedule, the Second Schedule, or the Third Schedule, the rate is 0%
- if the supply is standard rated, the rate is 12.5%
You MUST submit your Sales and Purchases ledgers when submitting your GST return.
You are required to enter the following:
- Your assigned Tax Identification Number (TIN),
- Your name and the name of the business,
- Your business address, phone, and fax number
- The Tax period indicating the month and year for which the Return is being filed,
- The Due Date of the Return
- The DECLARATION at the bottom of the GST return with your name, signature, and position in the company, and the date you filed your return.