GST is an indirect tax that is levied on the supply of goods and services between different parties. These tax return forms have to be filed by every entity that is involved. Individuals registered under this act must provide specific details of the sales and purchases of services and goods. This includes all the taxes they collected and paid. This can be done through proper GST return services that can even be found online, which is beneficial as they save a lot of time.
Information you need
As mentioned previously, you’ll have to provide a record that has all data on how much GST you collected on sales, and what was paid on purchases. There’s no need to submit tax invoices when you lodge these, but they should be kept close by as the IRD may ask for them.
Ways to file it
There are four different ways to do it. These are:
- Via an online accounting software;
- Through myIR, which is an online account that can be set up with the IRD;
- Have a bookkeeper or an accountant submit it for you;
- Fill out a GST101A form.
There are many GST return services offered by companies that can do this whole process for you.
If the return notes that you owe GST, then you’re required to pay the correct amount of money on the same day. This can be done via credit or debit card, internet banking, or even direct debit. When it comes to direct debit, you’re basically authorizing the IRD to withdraw the amount you owe directly from your business account. This is usually done on the due date which is good as you don’t have to worry about missing deadlines.
Fees and interests could be charged on late payments. If you don’t have the money, it’s advised to contact the IRD as they can help you come up with a payment plan.
If the process seems too complicated, it’s recommended to do this through proper GST return services. They will help you quickly fill out the necessary information and answer the question that might come up during it.