What is the due date for HST payments?
What is the due date for HST payments?
| Filing deadline | Payment deadline | Example |
|---|---|---|
| 3 months after fiscal year-end | 3 months after fiscal year-end | Reporting period: August 31 Filing deadline: November 30 Payment deadline: November 30 |
Do we need to pay GST while selling gold?
Jewellers will have to pay GST only on the profit earned on resale of second-hand gold jewellery, Karnataka AAR has ruled. Currently, the industry usually charges GST at three per cent rate on the gross sale value received from the purchaser.
Is GST payment date extended?
The government has extended the deadline for businesses to file the goods and services tax (GST) annual returns for the financial year 2020-21 by two more months. The Central Board of Indirect Taxes & Customs has extended the deadline from December 31, 2021, to February 28, 2022.
How do you avoid GST on gold?
Resale- If you are selling old gold, it will not have any tax on it if you use that money to buy new gold jewelry. This means, you need to buy new gold in exchange of old to avoid taxes. Before GST, there was a 3 percent charge on selling old gold even if you were buying new gold along with it.
What is the tax on gold jewellery?
3%
Under the GST, a tax of 3% on gold value and 5% making charges are levied on the gold jewellery. The sellers may also include labour charges in the form of making charges. You must thus negotiate with jewellers to reduce this cost.
How much is HST in Ontario?
Sales Tax Rates by Province
| Province | Type | Total Tax Rate |
|---|---|---|
| Ontario | HST | 13% |
| Prince Edward Island | HST | 15% |
| Quebec | GST + *QST | 14.975% |
| Saskatchewan | GST + PST | 11% |
How do I pay HST in Ontario?
You can remit electronically using your financial institution’s online or telephone banking services. You do not need a remittance voucher to pay online. You can also remit electronically using the CRA’s My Payment option.
How often do you file HST returns?
Most businesses are required to report quarterly. However, large businesses with over $6 million in annual taxable supplies must report monthly. Smaller businesses under $1,500,000 in annual taxable are generally put on an annual filing frequency. However, they can elect to file either on a quarterly or monthly basis.
How do I know if I need to pay HST by quarterly Instalments?
Your annual net tax 2020 is greater than the $3,000 threshold. You need to make equal quarterly instalment payments in 2021 if your 2021 net tax will also be $3,000 or more.
When do I have to pay GST/HST?
Most GST/HST payments are due at the same time as your GST/HST returns. Your payment deadline is different than your filing deadline if you are either: You must remit (pay) the GST/HST for any invoice you include in your return, even if you have not yet been paid.
Is there a GST/HST on silver?
Silver is also a precious metal if it is refined to a purity level of 99.9%. If a precious metal that meets the definition of financial instrument are sold, there is no GST/HST charged.
Is GST/HST charged on scrap gold?
Scrap gold is not refined to a purity of at least 99.5% and thus GST/HST is chargeable on the sale. Where this gets complicated is through the following example: The refiner takes a fee for the service and then ships the 99.5% pure gold back to Steph.
Why is my GST/HST balance not showing on my account summary?
Due to the COVID-19 pandemic, some GST/HST notices of assessment were not mailed on the “Date issued” specified on the notices. The balance shown on the Account summary section of the notice is as of the ‘Date issued’ specified on the notice.
