GST

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Jenskin1011
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GST

Post by Jenskin1011 » Wed, 23 Jul 2014 7:23 pm

Dear All,

Kindly advise whether I can claim GST as questions below :-

1. Supplier charge GST on late payment for previous invoice, can I claim GST?

2. My director using Non-GST registered company (A) 's business card for make
payment for entertainment on behalf, company (A) billing me full amount of the receipt which inclusive of GST, so can I claim GST based on receipt or should based on the invoice from company (A) then can't claim GST?

Many Thanks.

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Strong Eagle
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Post by Strong Eagle » Wed, 23 Jul 2014 11:46 pm

Your post doesn't make much sense, but I'll try to answer it anyway.

First of all, no individual person can claim GST, whatever that means. A tourist can claim a refund of GST paid but not a resident.

A company, with over $1 million in sales, must file to be a GST registered company (and other companies, under certain conditions can be registered).

When you are registered as a GST company, you must collect 7 percent GST from each sale and remit to the government quarterly. Your selling price must include GST, except for some special cases.

If you are not a registered company, you do not (indeed cannot) collect GST, nor do you remit anything to the government.

When you are GST registered, you may deduct the GST your company pays to other companies from the GST you must remit to the government. If you purchased from a non GST registered company, you were not charged GST as part of the purchase price and there is nothing to claim.

A couple of examples:

a) A non GST company sells $1000 of product to the public and buys $500 worth of goods from another non GST company. Neither company collects or remits GST and there is no transaction with the government.

b) A non GST company sells $1000 of product to the public and buys $500 worth of goods from a registered GST company. The company buying the $500 worth of goods cannot claim any GST paid because it has not collected any GST on the goods it sold. The supplying company, GST registered, must pay 7 percent GST collected on the $500 to the government (about $35).

c) A GST registered company sells $1000 of product to the public and buys $500 worth of goods from a non GST company. The GST registered company must pay about $70 in GST to the government. Since the non GST company did not collect any GST, the GST registered company cannot claim a GST allowance.

d) A GST registered company sells $1000 of product to the public and buys $500 worth of goods from another GST registered company. The company selling the $500 worth of goods will have to collect and pay to the government GST, about $35.

The company that sold $1000 of product to the public will have to collect about $70 in GST. However, it also purchased $500 worth of goods on which it paid about $35 in GST. Therefore the company will only need to remit $70 - $35 = $35 in GST to the government.

Jenskin1011
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Posts: 8
Joined: Mon, 30 May 2011 12:57 pm

GST

Post by Jenskin1011 » Thu, 24 Jul 2014 11:01 am

Dear Strong Eagle,

Thanks for your guidance :-D

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