GST Drop Saturday?

[Log]

Originally Posted by Nehkara

Yah... if you are collecting a 1% tax on everything you sell that doesn't really exist, you could be in trouble.

Not really... Businesses are required to remitt the taxes they collect. If they collect too much from their customers, they have 2 options.... 1) provide a refund of the tax to the customer or 2) send the over remittance to the government.

PS I'm a PST collector for the government in SK.

[Log]

Originally Posted by Bobblehead

It's pretty simple. Goods or services sold on or after July 1st are 6%. If you still charge 7%, you must give that extra 1% to the gov't; you don't get to keep it.

Those of you in retail/services who didn't know - are you in charge of the billing/receipts? It may very well be that one person will just go in and reprogram the tax rate on the tills at close of business tonight, and everything will happen automatically.

100% correct.

[gottabekd]

Originally Posted by FireFly

I doubt there'll be that many problems. Working retail it was very easy to change the GST charged from our tills. And those were seriously old-fashioned.

Of course, I can't imagine how much hell introducing GST would have caused for retailers. Relatively, changing a 7 to a 6 shouldn't be too bad. But there will still be problems. Things like "What if someone buys a product at 7%, and then returns it at 6%", etc, etc. I could imagine that many of the problems won't be at the cash register, but the bookkeeping might cause trouble for some. I don't know, I've never cared for accounting.

[RogerWilco]

The biggest problem isn't changing the % at the till that is easy. But many retailers already own what they are selling and they bought it at 7% GST. Now they are selling it at 6% GST. That is the thing that may make some confusion at tax time. And since they sell the product at a different rate than they bought it, it make things a little confused.

[DementedReality]

Originally Posted by RogerWilco

The biggest problem isn't changing the % at the till that is easy. But many retailers already own what they are selling and they bought it at 7% GST. Now they are selling it at 6% GST. That is the thing that may make some confusion at tax time. And since they sell the product at a different rate than they bought it, it make things a little confused.

not really ... .when they do their taxes, they balance it out

gst collect - gst paid = remit to taxman

businesses dont pay GST, only consumers. well they may pay it upfront, but in the manner above they get it back.

[The Goon]

Well, I went grocery shopping this morning and the 6% GST was on the bottom of my bill. How pleasant!

[RogerWilco]

Originally Posted by DementedReality

not really ... .when they do their taxes, they balance it out

gst collect - gst paid = remit to taxman

businesses dont pay GST, only consumers. well they may pay it upfront, but in the manner above they get it back.

You are correct, I was just saying that is the only small concern. Since it is that easy why all the fuss?

[Buff]

Originally Posted by icarus

That strikes me as ridiculous.

It is true. My boss was complaining on Wednesday that the only thing he got was an patch or instructions on how to make the change in Quickbooks.

[Maritime Q-Scout]

here's the thing I don't like about the tax reduction. It was lowered on Canada Day... and what's more UN-Canadian than lowering taxes