Table of Contents
Who is the person liable to pay GST?
Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism.
Are directors liable for unpaid GST?
From 1 April 2020, company directors are personally liable for any unpaid GST, Luxury Car Tax and Wine Equalisation Tax, in addition to the Pay As You Go Withholding and Superannuation Guarantee Contributions debts already captured under the current Director Penalty Notice (‘DPN’) regime (TAA Pt 4-15).
What happens if you dont charge GST?
“If you do not register for GST and you are required to do so, you may have to pay GST on the sales you have made since the date you became required to register – even if you did not include GST in the price of those sales. You may also have to pay penalties and interest,” says the ATO on its website.
Who is a person under GST?
A ‘taxable person’ under GST, is a person who carries on any business at any place in India and who is registered or required to be registered under the GST Act. Any person who engages in economic activity including trade and commerce is treated as a taxable person.
Do we pay GST on imports?
Goods and services tax (GST) is payable on most goods imported into Australia (taxable importations). However, if you are a GST-registered business or organisation and you import goods as part of your activities, you may be able to claim a GST credit for any GST you pay on those goods.
Which of the following persons are not liable for registration?
As per the said section the following are the persons not liable for registration under GST: Person engaged exclusively in supplying goods or services or both not liable to tax. Person engaged exclusively in supplying goods or services or both exempt from tax.
Is a director personally liable for company tax?
Liability for company tax debt As a director, you have a legal responsibility to ensure your company meets its Pay As You Go (PAYG) withholding and Superannuation Guarantee Charge (SGC) obligations. If the company does not meet these obligations, you may become personally liable for a penalty equal to these amounts.
Can directors be personally liable for tax?
Company directors can only be made personally liable for the repayment of VAT tax debts if the failure to pay VAT is deemed to be deliberate and the company is insolvent or will be insolvent soon. That VAT security can represent a significant sum of money, which can make it difficult to start a new business.