For example, you must register for GST in Canada if you sell more than $30,000 in taxable goods or services in a single calendar quarter. If you do not exceed the $30,000 threshold for 4 consecutive calendar quarters (an entire year), you are considered a “small supplier” and not required to register. However, you can still register voluntarily. To find out the threshold for GST countries where you operate, check the website for that country’s revenue agency.

The date your fiscal year ends for GST purposes typically can be either December 31 or the date you’ve chosen for income tax purposes.

For example, if you operate in New Zealand, you can open a myIR Secure Online Services account with the Inland Revenue Department. Using this account allows you to easily keep all of your records in one place and set up notifications so you’ll never miss a due date. You may also have the option of calling a toll-free agency number or filling out a paper form.

You must start collecting GST as of the effective date of your registration. If you’re mailing in a paper application to register, adjust the effective date of your registration to account for the time it will take to receive your GST number. [6] X Research source

Since the GST number doesn’t change as long as you’re in business, it doesn’t matter how old the document is – the number should still be the same.

The name you use must be the company’s legal name, as registered and reported to the revenue agency. Typically this name will be on a sign or letterhead. Some businesses operate under a different name than the name they use in public. This is most often the case with franchises. For example, Bob Builder may own and operate a ChemDry franchise in Canada, but the legal name of the business is “BBCD, Ltd. "

For example, if your business bought supplies from another business, and that business charged you GST, you could get credit towards your own GST account for the amount charged. If you’re looking for your own GST number, call the revenue agency directly. If they can’t find the GST number for your business, that likely means your registration hasn’t yet been processed.

The relevant department of revenue typically has a GST calculator you can use to quickly and easily determine what tax rate to charge. Many point-of-sale (POS) systems also have the ability to automatically determine the correct GST rate depending on the country.

If you opt to include the GST in the total price your customers pay rather than applying it to the subtotal separately, you typically must post signs or otherwise notify your customers that GST is included, and let them know the rate you’re charging.

Depending on your revenue, you’ll report and pay GST to the revenue agency monthly, quarterly, or annually. Generally, if you have less revenue, you’ll have a longer reporting period than if you have a lot of revenue.

You typically have to file a return even if you didn’t collect any taxes or don’t have any taxes to pay – sometimes referred to as a zero return. If you file your return and payment after the due date, you may have to pay a penalty. Overdue balances may be charged interest and subject to additional penalties.

Keep the records that allow you to calculate the amount of GST you collected, the amount you paid for business purchases and expenses, and the amount you applied as a rebate, refund, or deduction from the net tax you paid. After 6 years, a return cannot be audited. However, you may want to keep the records anyway so that your business records remain complete. Invoices and other business documents may need to be kept longer.