The GST Guide - The Belize Department of General Sales Tax

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CHAPTER SIXGST RETURNS, PAYMENTS AND REFUNDS (SECTION 30, GST ACT)6.1 ReturnsA return must be completed at the end of each tax period (onemonth), and submitted to the Department of GST, with any tax due,by the fifteenth day following the end of the tax period.If no taxable supplies were made during the entire month a “NIL”return must be submitted. Remember that if you are away fromyour place of business you must arrange for GST returns andpayments to be sent in as required by the Department.Clear guidelines for easy completion of the GST Return can be foundat Appendix 3.If unsure of the procedures to complete the return form, or anticipatesome difficulty in doing so, get in touch with the local GST office viathe hotline or visit the Department’s website at www.gst.gov.bz.6.2 Payment of taxThe GST liability can be paid by cash, cheque, postal money order, oronline through designated banks. Cheques and money orders shouldbe crossed and made payable to the Government of Belize. When acheque or money order is sent, be sure to quote the tax identificationnumber on the back of the cheque. It is not advisable to sendmoney through the post.6.3 Credit/RefundsRefunds of GST cannot be made unless all the GST returns due havebeen submitted. If there are any outstanding tax liabilities these willbe offset against the amount of refund due. The oldest outstandingliability will be cleared first.19
Excess credit for a given tax period, will not normally be paid until thecredit has been carried forward for three consecutive months.6.4 Example of Credit MechanismExample AJohn Doe filed the following returns:o January 2010 credit- $5,000.00o February 2010 tax payable - $2,500.00o March 2010 tax payable - $1,000.00o April 2010 tax payable - $ 500.00o Remaining tax credit afterthird tax period $1,000.00Example BJohn Doe filed the following returns:o May 2010 - credit - ($3,000.00)o June2010 - tax payable - $ 500.00o July 2010 - credit - ($1,000.00) *o August 2010 - tax payable- $ 500.00o May’s remaining tax creditafter third tax period $2,000.00Note: for sample of GST Return with accompanying notes on how to fillform please see Appendix 320
Page 2: GST 300TheGSTGuide
Page 5 and 6: Chapter 12 Obligations of a Registe
Page 8: HOW THE GST WORKSGST chargedon sale
Page 11 and 12: CHAPTER 2GST ON SUPPLY2.1 GST is ch
Page 13: CHAPTER 3REGISTRATION3.1 Compulsory
Page 16 and 17: CHAPTER 4CHARGING GST4.1 A register
Page 18 and 19: (a) Where supplies are made under a
Page 20 and 21: CHAPTER 5ACCOUNTING FOR GST (SECTIO
Page 22 and 23: 5.6 Adjustments to Output TaxThere
Page 26 and 27: CHAPTER SEVENASSESSMENTS7.1 Assessm
Page 28 and 29: CHAPTER EIGHTAMMENDMENT OF AN ASSES
Page 30 and 31: Examples of the books and records i
Page 32 and 33: (e) an identifying serial number an
Page 34 and 35: Remember that to claim GST, it is n
Page 36 and 37: CHAPTER ELEVENOBJECTIONS AND APPEAL
Page 38 and 39: 12.5 Payments (Section 35(1), GST A
Page 40 and 41: 4. Buyer’s TIN - Taxpayer Identif
Page 42 and 43: 4. Supplier TIN - Taxpayer Identifi
Page 44 and 45: NOTES:In this section of the form y
Page 46 and 47: 210 Value of Domestic Standard Rate
Page 48: 390 Total GST PaidAdd the figures e

The GST Guide - The Belize Department of General Sales Tax

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