What is 'advance VAT return' in SAP GRC-TC - SAP Tax Compliance?

advance VAT return - Overview

• Component: GRC-TC

• Component Name: SAP Tax Compliance

• Description: A report for input and output VAT to the tax authority on a monthly or quarterly basis. At the end of the year, you prepare the same report, but for the whole of the year, this is then called VAT declaration.

advance VAT return - Details

• 
  Key Concepts: 
  Advance VAT return is a feature of the GRC-TC SAP Tax Compliance component that allows businesses to submit their VAT returns in advance of the due date. This feature helps businesses to stay compliant with their tax obligations and to avoid any penalties or fines associated with late filing. 
  
  How to use it: 
  To use the Advance VAT return feature, businesses must first configure the GRC-TC SAP Tax Compliance component. This includes setting up the relevant tax codes, rates, and other parameters. Once configured, businesses can then submit their VAT returns in advance of the due date. 
  
  Tips & Tricks: 
  It is important to ensure that all relevant information is included in the VAT return before submitting it. This includes any applicable discounts or exemptions that may be available. Additionally, businesses should ensure that all data is accurate and up-to-date before submitting the return. 
  
  Related Information: 
  For more information on the GRC-TC SAP Tax Compliance component and its features, please refer to the official SAP documentation. Additionally, businesses may find it helpful to consult with a qualified tax professional for advice on how best to use this feature.