The days of standing in long queues are over, you can now do everything from the comfort of your own home. This includes adding products on eFiling for the South African Revenue Service (SARS).
By adding products on eFiling, you will be able to apply for Value Added Tax (VAT) from SARS. VAT is an indirect tax on the consumption of goods and services in the economy.
A business must register for VAT if the total value of taxable supplies made in any consecutive twelve-month period exceeds or is likely to exceed R1 million. The business must Register for VAT on eFiling or complete a VAT 101 – Application for Registration form and submit it to the local SARS branch within 21 days from the date of exceeding R1 million.
Here’s How To Add Products Under Revenue Product On Efiling
Visit the SARS EFiling website by CLICKING HERE
Step 1: Click on ‘Home / Organisaiton’
Step 2: Select ‘User’‘
Step 3: Select ‘Tax Types’
Step 4: Click on ‘Manage Tax Types’
Step 5: Select the items that you want to activate.
Step 6: Click ‘Submit’
A business may also choose to register voluntarily for VAT if the value of taxable supplies made or to be made is less than R1 million, but has exceeded R50 000 in the past period of 12 months.