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GST terminology

SOLVEDby QuickBooks2Updated over 1 year ago

Here are a few words you will use a lot if your company collects GST.

WordHow it relates to GST setup
GST agencyThe government agency that sets the requirements for GST collection and payment, such as IRAS.
GST codeThe identifier that you use on forms to charge GST.

The GST code is associated with a rate.

GST rateThe rate is used to calculate the appropriate GST for each transaction.

Each GST rate links to a specific box of the GST return. There can be separate rates for things you sell and things you buy.

To see all of your GST rates, go to the GST page, then select Rates & settings.

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