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. Other businesses must use the accruals basis. If you apply the cash basis, you must account for sales and purchases in the period in which you are paid for sales or pay for purchases.
The advantage of this method is that GST reporting is better aligned with cash flow, which can be helpful for small businesses. If you apply the accruals basis, you must account for sales and purchases in the period in which you invoice sales or receive an invoice for purchases. If you are able to claim an income tax deduction for something you've bought for the business, you can only claim for the net amount without the GST.
However, GST does not apply to Agriculturists. Agriculture includes floriculture, horticulture, sericulture, raising of crops, grass or garden produce. But does not include dairy farming, poultry farming, stock breeding, gathering of fruit or rearing of seedlings or plants. However, non-resident person can get GST registration on the of basis other documents, which the government may prescribe.
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. GST turnover is your business's gross income, not your business's profit.
Register your business for GST. When do I need to register? How do I register for GST? Register through your tax agent That's us at www. What are GST credits? Click for easy GST registration.
What happens if I don't register for GST? Accounting for GST on a cash basis You can account for GST in the same tax period you receive payments from your customers and claim input tax credits for making payments to your suppliers. Annual apportionment of GST input tax credits You can claim a full input tax credit for a business purchase that you intend to use partly for private purposes and make a single adjustment to account for the private use percentage at the end of your income year.
Register for GST now.
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