Download Commodity

Download Commodity

As of 2022, as many as 160 countries around the earth have implemented the GST (Appurtenances and Services Tax).[one] If you operate a business in one of these countries, or if you lot sell appurtenances and services in a state with GST, you must collect and pay GST to that country's revenue agency. Y'all go your GST number when you register for a GST account. After registering, you must include your GST number on all receipts, invoices, and other business organization documents.[ii]

  1. 1

    Find out if you lot're required to annals in your land. Generally, yous must register for GST if you make taxable sales of goods and services in a GST country. If your annual sales are below a threshold amount that varies amongst countries, you aren't required to annals. You can however register voluntarily if you want.[3]

    • For example, you must register for GST in Canada if you sell more than $30,000 in taxable goods or services in a unmarried calendar quarter. If you do not exceed the $30,000 threshold for 4 consecutive calendar quarters (an unabridged year), you are considered a "minor supplier" and not required to register. However, you tin can notwithstanding register voluntarily.
    • To notice out the threshold for GST countries where you operate, cheque the website for that country'due south acquirement bureau.

    Tip: Canada and another countries require all ride-sharing drivers, such as drivers for Uber or Lyft, to register for a GST account regardless of how much money they brand.

  2. 2

    Gather information to complete your application. On the registration application, you lot must provide the appointment your fiscal yr ends for GST purposes also equally your total almanac revenue. You lot may also demand basic identification data for your business organisation, including the address of your headquarters and any business organisation tax ID numbers.[4]

    • The appointment your financial twelvemonth ends for GST purposes typically can be either December 31 or the appointment you've chosen for income tax purposes.

    Advertisement

  3. 3

    Complete the form to register your account. Virtually acquirement agencies allow y'all to register online from the acquirement agency's website. Y'all may accept to open an online account earlier y'all register online. You lot'll utilise this account to submit your reports and pay GST.[five]

    • For example, if you operate in New Zealand, y'all can open up a myIR Secure Online Services account with the Inland Revenue Department. Using this business relationship allows you lot to easily keep all of your records in one place and set upwards notifications then you'll never miss a due date.
    • Yous may also take the pick of calling a toll-free bureau number or filling out a newspaper form.
  4. 4

    Receive your GST number once your application is candy. If you registered your business online or over the phone, you'll typically get your GST number immediately. If y'all mailed in a paper awarding, yous'll receive a confirmation letter back that includes your GST number.

    • You must start collecting GST as of the effective engagement of your registration. If you're mailing in a paper application to register, adjust the effective date of your registration to account for the time it volition take to receive your GST number.[vi]

    Advertizement

  1. 1

    Bank check receipts, invoices, or other business papers. Once you lot've registered for GST, your GST number must be included on all transactional papers that deal with taxable sales of products or services. Find your GST number or the GST number of other businesses past reviewing receipts, contracts, or other documents.[7]

    • Since the GST number doesn't change as long every bit you're in business, it doesn't thing how erstwhile the document is – the number should all the same be the aforementioned.

    Tip: Companies that do business concern in multiple countries may have several different GST numbers. Make sure the number you find relates to a transaction that occurred in your country.

  2. 2

    Search for the concern's name on your country'due south GST registry. Each GST country has a free registry on the revenue bureau's website. Yous may be able to use information technology to find a business's GST number. However, some countries require you lot to accept at to the lowest degree part of the GST number to use the registry.[8]

    • The proper noun y'all apply must exist the visitor'south legal name, every bit registered and reported to the revenue agency. Typically this name will be on a sign or letterhead.
    • Some businesses operate under a unlike name than the name they employ in public. This is near often the case with franchises. For case, Bob Builder may own and operate a ChemDry franchise in Canada, merely the legal proper noun of the concern is "BBCD, Ltd."
  3. iii

    Contact the country's revenue agency directly to confirm registration. If you completed a transaction with a business organization that charged you GST, you may be entitled to GST credits. However, you can only get credit for GST charged by businesses that are registered in that country.[9]

    • For instance, if your business concern bought supplies from another business, and that business charged you GST, you could get credit towards your own GST account for the amount charged.
    • If yous're looking for your own GST number, call the revenue agency directly. If they can't discover the GST number for your business, that likely means your registration hasn't notwithstanding been candy.

    Advertisement

  1. i

    Determine what tax charge per unit to charge. In some countries, the GST is a apartment rate. In others, the GST varies in different parts of the country. Additionally, unlike goods and services may be subject to different tax rates.

    • The relevant department of revenue typically has a GST calculator you can use to rapidly and easily decide what tax rate to accuse.
    • Many indicate-of-sale (POS) systems also accept the ability to automatically determine the correct GST rate depending on the country.
  2. 2

    List the GST rate and total amount charged on receipts and invoices. You typically have the option of either including the GST in the total price of appurtenances and services you sell or adding it separately on each transaction. If you add it separately, include the amount in a line below the subtotal with the GST rate and your GST number.

    • If you lot opt to include the GST in the total toll your customers pay rather than applying it to the subtotal separately, you typically must post signs or otherwise notify your customers that GST is included, and let them know the rate y'all're charging.
  3. three

    Hold the collected GST in trust until the finish of the reporting period. Open a separate bank account where you tin eolith the GST you collect from customers. Do not leave information technology in your regular business organisation operating account – you lot may accidentally spend it on something else rather than holding it.

    • Depending on your revenue, yous'll written report and pay GST to the acquirement agency monthly, quarterly, or annually. Generally, if yous have less acquirement, you lot'll have a longer reporting period than if you lot have a lot of revenue.

    Tip: Fifty-fifty if you have a longer reporting menses, almost GST countries will allow you to choose a shorter reporting flow voluntarily.

  4. 4

    File your returns forth with GST payments by the filing deadline. Each state has a form you need to fill out and submit along with your payment. If your income exceeds the country's threshold, you may be required to submit your returns and payments online. Otherwise, yous can typically submit them by mail.

    • You lot typically have to file a return fifty-fifty if you didn't collect whatever taxes or don't have any taxes to pay – sometimes referred to every bit a zero return.
    • If you file your return and payment after the due engagement, you may have to pay a penalty. Overdue balances may be charged interest and discipline to boosted penalties.

    Tip: If y'all set up an online account with the revenue agency, you may get email reminders when your due engagement is budgeted. These notifications can help you go on your payments on rail.

  5. 5

    Go along records supporting your returns for half-dozen years. When you file your render and pay your GST, you don't have to submit receipts or financial records that prove the amount of tax you lot collected or the amount you lot owe. However, you lot may need to produce these records if your account is audited.

    • Keep the records that allow y'all to summate the amount of GST you collected, the amount you lot paid for business purchases and expenses, and the corporeality you applied as a rebate, refund, or deduction from the net taxation you paid.
    • After 6 years, a return cannot be audited. Even so, yous may want to go along the records anyhow so that your business records remain complete. Invoices and other business organisation documents may need to exist kept longer.

    Advertizing

Add New Question

  • Question

    How to find an old GST number?

    Ankita Pal

    Ankita Pal

    Customs Answer

    Initially, you demand to access the GST government portal and then enter your credential like user name, proper countersign. After opening, the GST dashboard opens then click service and click registration and y'all tin can cancel at whatsoever time. Online Legal India is the name if you lot bank check.

Ask a Question

200 characters left

Include your email address to become a message when this question is answered.

Submit

Advertisement

References

Near This Article

Thanks to all authors for creating a page that has been read seven,814 times.

Did this commodity help you?