Once you've passed the turnover threshold, you must register within 21 days. Taxi drivers and ride-sharing drivers need to register for and charge GST no matter what their turnover is. At the end of each GST period — usually quarterly but occasionally monthly - you need to account for the GST you've collected on your sales minus any that you've paid the credits on your purchases. The difference is the amount payable or refundable if credits on purchases exceed debits on sales.
A business activity statement BAS is used to report all your periodic business tax obligations and entitlements.
Otherwise, BAS forms are due quarterly. You must lodge your BAS quarterly by the 28th day of the month following the end of the financial quarter September, December, March, June. If you lodge monthly, your BAS must be lodged by 21 days after the end of each month.
If they request one and you don't provide it at the time, you have 28 days from their request to give it to them. Invoices need to display specific information. Under the erstwhile service tax system, when goods were transported through ships as cargo, the goods leaving the country were called exports and goods entering the country were imports.
The shipping charges on these goods attracted service tax. If the transportation happened through the air, both inbound and outbound shipments were not subject to service tax. The tax liability of terminal charges, warehousing, and cargo handling is determined based on the taxability of the principal service. Under GST, the dealers convert logistics and freight forwarding into a supply of services which includes movement of goods through the sea, inland waterways, air, rail, or road.
GST must be charged on the cumulative value of supply. If the freight charge is included, then GST on freight charges must be levied at the tax rate same as the rate charged on supply of the goods or consignment. The tax rate would accordingly take its source from the underlying item supplied if transportation charges are not separately given.
However, transportation of certain essential items are exempted under GST. Type of GST charged on freight forwarding is based on whether the transportation is national or international. If in case of domestic freight, transportation happens from a place in India to another place in the country. In this case, both points of origin and destination have to be inside the country.
On international transportation, the international freight rules are applied. One registration shall be required for each state.
The taxpayer can choose to get separate registrations for its different business verticals in the State. These limits apply for payment of GST. Thank you for your response. The 1 GST billing solution for your business Create, edit, share invoices on- the-go Also available on web.
Download Free. Invoice creation in 30 seconds Create, edit, share invoices on-the-go Convert invoices to e-Way bills and more. Updated on : May 28, - PM 08 min read. Register now external link — Inland Revenue. Systems that can help at tax time. Zero-rated goods and services include products or services from New Zealand that are sold overseas, eg exports or some land transactions. Zero-rated supplies still have to be recorded on your GST returns.
Check if zero-rated supplies apply to your business external link — Inland Revenue. GST is usually payable on goods and services held at the time you cancel your registration. Whichever business task you're tackling, we've got something to help — online tools, templates, quizzes and more. Skip to main content Skip to page navigation. In association with. When to register for GST. Facebook Twitter LinkedIn Email. Joanne is GST registered, so collects GST on the sales of her bags, and claims it back on purchases like: materials and supplies for making her bags her new sewing machine.
She can also claim: taxi fares to business meetings a laptop she bought to manage her business finances the accounting software she uses food and drink bought when entertaining clients.
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