To check how much GST you owe, log in to your national tax authority's online portal (e.g., GST Portal in India, CRA My Business Account in Canada, or myTax Portal in Singapore) to view your balance. Alternatively, use accounting software like QuickBooks by reviewing your GST Liability report.
The normal method for GST is subtracting the amount you paid on purchases (aka ITCs) from what you collected on your sales. This is the amount you must remit to CRA or if you paid more GST on your purchases than you collected on sales, CRA will send you a refund.
How can I track status of a GST payment without logging to the GST Portal?
Net price = Cost of the product + GST amount
For example, if a product or service costs Rs. 100 and the GST levied on that is 18%, the GST amount will be 100 x 18% = Rs. 18. The net amount you'd have to pay would be Rs. 118.
Manual > Electronic Cash Ledger
Visit the government GST portal (www.gst.gov.in) to check the validity of the invoice. Click on the “Search Taxpayer” option and subsequently click on the “Search by GSTIN/UIN” option.
To access the Tax liabilities and ITC comparison reports, perform following steps:
You can sign in to your CRA account to view:
GST is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. To work out the cost of an item including GST, multiply the amount exclusive of GST by 1.1.
The penalty for late GST/HST filing is 1% of any amount you owe, plus an extra 0.25% for each full month your payment is overdue, up to 12 months. If the CRA issues a formal demand to file and you ignore it, they add another $250 penalty even if you don't owe any tax.
As a new taxpayer, to login first time to the GST Portal with GSTIN and password, you need to perform the following steps:
To make the GST payment post-login to the GST Portal once the challan is generated, perform the following steps:
To track status of a GST payment after logging to the GST Portal, perform the following steps:
Method 2: CRA My Business Account (Most Secure – Under 5 Minutes)
You can elect to report and pay GST annually. You can only use this method if you are voluntarily registered for GST. That is, you are registered for GST and your turnover is under $75,000 (or $150,000 for not-for-profit bodies).
Calculating how much GST you owe
When you purchase goods and services for your business, you'll also be paying GST on those bills. To calculate how much you need to remit, add up all the GST you collected during the period and subtract all the GST you paid during the period to get your net GST payable.
If your GST turnover is below the $75,000 threshold, you may choose to register. But if you do, regardless of your turnover, you must: include GST in the price of most goods and services you sell. claim GST credits for most business purchases you make.
Find the GST Amount:
Multiply the base price by 0.1. $500 × 0.1 = $50. The GST is $50.
Check Account Summary / Payments
You can view your GST account balance via myTax Portal. Log in to myTax Portal. You should be authorized for "GST (Payment)" e-Service under Corppass by your business.
To view the details of BoE (Bill of Entry) on the GST Portal, perform following steps:
Step 1 – Go to GST Portal. Step 2 – Login to the GST portal with your valid credentials. Step 3 – Click on Services > Ledgers and click on Electronic Cash Ledger tab. Step 4 – Once the Electronic Cash Ledger page is displayed, Cash Balance as on date will be displayed.
Who is liable to pay GST under the proposed GST regime? Under the GST regime, tax is payable by the taxable person on the supply of goods and/or services.
The easiest way to calculate GST on a net price (exclusive of GST) is to multiply the amount by 1.1. To calculate the amount of GST on GST-inclusive goods and services, you'll need to divide the amount by 11.