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| *The Commerce Journal>>>Canada Taxes |
Gst offset? |
for the small company like us ,(without gst register)we buying equipment and materials without charge customer gst. do we have anyway to claim back? it is S$5'000 of 5% already cost us on words July additional 2% . where shall we claim from? First, there are three categories for GST. These are taxable, exempt, and zero-rated. The registration requirements and tax treatment is different for each category, so it depends on the nature of your business and the goods and services that you provide. Taxable applies to most goods and services, with certain exceptions as noted below. If your gross annual taxable sales of goods and services exceeds $30,000 then you are required to register for GST. This would allow you to claim the GST paid on all of your costs and expenses (known as "taxable supplies"), but you would also have to charge GST to your customers. If what you sell is GST exempt, then there would be no reason to register for GST, and there would be no way to claim the GST paid on taxable supplies. Some examples of exempt items are residential housing, health, medical and dental services, child care services and educational services. If you are selling items that are zero-rated such as groceries, livestock, prescription drugs and medical devices, you do not charge GST on these items. You should voluntarily register for GST as you would then be able to claim the GST you have paid on taxable supplies. Source(s): http://www.cra-arc.gc.ca/tax/business/to... |
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