Are you baffled by GST filing requirements? Did you know that you have to file your GST?Filing your GST can be a confusing ordeal if you have never dealt with it before. It can also be a time-consuming process if you have not kept precise records throughout the fiscal year.Goods and Services Tax is a unified, multi-stage and consumption-based tax charged on manufacture, trade, and consumption of goods and services.
GST (Goods and Services Tax) is a federal tax placed on most Canadian goods and services. If you make taxable sales or leases in Canada, you are required to register for GST.GST, or goods and services tax, is a sales tax which is charged on most goods and services sold in Canada.
In many provinces, the GST has been "harmonized" with the provincial sales tax, to become harmonized sales tax, or HST .Registering for GST is mandatory for all small businesses with gross annual revenue greater than $30,000, unless your product or service is exempt. However, if you voluntarily register, you may be reimbursed for GST that you pay out for business expenses. The Canada Revenue Agency (CRA) assigns a Goods and Services Tax (GST) number, or business number, to your business in order to track collection, reports, and remittances of GST or Harmonized Sales Tax (HST). GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the government).
