Sage-Tips

Can we sell goods at loss in GST?

Yes. GST at applicable rate is payable on goods even if you are selling them at a loss.

Do you only pay GST on profit?

No. By law, only businesses with a turnover of $75,000 or more have to register for GST. Turnover is based on your total sales, not your annual profit. This is why you might have to register for, and pay, GST even when you have not earned any money.

Is GST applicable if turnover is less than 20 lakhs?

GST is not applicable for those assessees whose turnover is less than 20 Lakhs. Go ahead and surrender your GST registration. Contact a local tax lawyer/CA. A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. ..

Do we need GST for reselling?

You can sell online without GST only if you sell goods which are exempted. If you sell goods on which GST is applicable, then you has to get GST number to be able to sell online. You has to take GSTIN even if turnover is less than Rs. 20 lakh.

How do I return rejected goods under GST?

Immediately after receipt of credit note recipient need to reverse ITC taken on such rejection. After this supplier will reduce his output tax liability in his current or subsequent return as the case may be. Physical movement of return has to take place under a Delivery challan as per Rule 55 of GST Rules.

What don’t we pay GST on?

Most basic foods, some education courses and some medical, health and care products and services are GST-free, often referred to as exempt from GST. Things that are GST-free include: most basic food. some education courses, course materials and related excursions or field trips.

Who should not register for GST?

Section 23 (1) states that persons who are engaged in supplying goods or services or both that are not liable to be tax or persons who are engaged in supplying of goods or services or both that are wholly exempted from tax, then, such persons are not required to obtain GST registration.

Do I have to pay GST on re-selling items under GST?

Yes, if you are re-selling the item then you become a trader. Thus, you need to make GST payment on such items. However, if you are purchasing from a gst registered person then you can take the input tax credit on such goods and set off the GST payable amount. Remaining payable amount must be paid to the government.

Do you have to pay GST on precious metal in Australia?

Option to reverse charge in the precious metal industry. If you are registered for GST – or required to be – the goods and services you sell in Australia are generally taxable unless they are ‘GST-free’ or ‘input taxed’.

What is the GST filing procedure for a retail business?

If a retailer is registered under GST in a composition scheme, retailer is required to pay the tax on output supplies (at a reduced rate) in a quarterly statement CMP-08 by 18th of the month after the end of the quarter. Also, a return in form GSTR-4 has to be filed annually by 30th April of next financial year.

Are non-profit organisations entitled to concessions under GST?

Non-profit organisations may be entitled to concessions on some transactions. If you are registered for GST – or required to be – the goods and services you sell in Australia are generally taxable unless they are ‘GST-free’ or ‘input taxed’.