The quick method has resulted in savings of $1,460 when compared to the general method. If the actual expenses that have GST are less than $50,000 then the savings will be even more.

Question: I currently calculate and submit my GST based on the Quick Method of GST accounting. Presently, I submit 2.6% of GSTable income on the first $30,000 and 3.6% on income over this threshold.

To calculate the input tax credit applicable, one can follow these steps: 1) Find out if you are eligible to claim an ITC. 2) Determine the percentage of use in your commercial activity.

GST software and GST apps: While not many people know what is GST or how to calculate the tax under the new GST regime, its deductions along with its rates, the best of assistance for everyone is ...