If you wish to go easy with your GST filing, you need to follow the rulebook!
With the GST pattern running successfully in the awe striking continent of Australia, businesses are no longer troubled with filing the separate returns for excise, VAT, sales tax and service tax. This has not just saved their troubled lives but has also helped with the fostering business premises.
If you are an entrepreneur running your own business or some or the other way directly involved with running a business entity, it’s very important to understand the GST return filing system and also hire a professional GST return services offering agency for an easier flow.
Herein, we are talking about a few prime things to know and consider while filing the GST returns in this continent country!
Before that, one needs to first understand what the GST return contains!
What is a GST return?
Similar to the tax return that holds the details of a taxpayer’s income; his/her GST returns (GSTR) will contain details of:
- Output GST (on sales made by the tax payer)
- Input Tax Credit (GST Paid on the inputs or purchases)
Where to file GST returns?
All the GST returns can be filed via different mediums; however, the online medium under the guidance of a professional service provider seems to be the best choice.
Mentioned below are the three simple ways to lodge your tax return:
- Online: Which is the easiest and quickest way for tax lodging
- Form Filling: By completing the paper tax return form
- Tax Agent: Under a registered tax agent
GST return exemptions
The GST return mostly comprises of a taxable amount that implies on the sales of goods and services. However, there are a few exemptions that fall under the GST non-taxable picks.
Mentioned below is a list of the same:-
Main GST-free products and services
- most basic food
- some medical, health and care services
- some medical aids and appliances
- some medicines
- some childcare services
- some religious services and charitable activities
- water, sewerage and drainage
- international transport and related matters
- precious metals
- sales through duty-free shops
- grants of land by government
- international mail
- sales of businesses as going concerns
- some telecommunications supplies
- Eligible emissions units.
- Exports of the goods and services from Australia are generally GST-free.
- Broadly, the supply of a service remains GST-free if the recipient of the service remains outside the Australian province.
However, there are particular set of rules and protocols to follow for determining the goods or services under the GST- free account.
GST has turned to be the biggest ease for the existing tax burden, compliances and return filing system. With a number of agencies offering tax filing and accounting services in Australia, things are even expected to go towards higher ease and comfort.