The GST Guide - The Belize Department of General Sales Tax

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210 Value of Domestic Standard Rated PurchasesEnter the value of domestic standard rated purchases made fromother registered taxpayers for which you received a tax invoice forthis period.220 Value of Domestic Zero Rated Purchases – Enter the totalamount of purchases that is subject to the zero-rate made by youduring the taxable period.230 Value of Domestic Exempt Purchases – Enter the totalamount of purchases that are exempt from GST in this period240 GST Paid on ImportsEnter the total amount of GST paid to the Comptroller of Customsfor all imports during the tax period (this can be obtained by addingall the GST on all customs entries).250 GST Paid on Domestic Taxable SuppliesEnter the total amount of GST paid or payable to other registeredtaxpayers for which you received a tax invoice during the period,whether or not you have actually paid the amount on the invoice;this can be obtained by adding all the GST paid on such invoices.260 GST on AdjustmentsIf you have received a debit note from a registered taxpayer for GSTshort paid, or have issued a credit note to a registered taxpayer forGST overpaid, enter the amount of the GST only from the debitnote(s) and the credit notes(s) on line 240.270 Total Input TaxAdd the figures entered on lines 240 to 260 and enter this total online 270.Computation of Tax Payable or Excess Input Tax (lines 300-420)44Note: This section has been separated into two parts. Lines 300to 390 allow you to calculate your GST payable for the period. Theother part, lines 400 to 420 allow you to compute any credit thatcan be carried forward to the next period.
300 Tax Payable for this PeriodIf the figure shown on line 160 is greater than the figure shown online 270, enter the difference between the two figures on line 300.This is the tax owing for the period before calculating any penaltyand interest you may owe if paying after the due date.310 Credit from Previous PeriodIf you have excess credit from a previous period, enter the credit online 310320 Tax Due for this PeriodSubtract the amount of credit from the previous period on line 310from the tax owing on line 300 to calculate the amount of tax payablefor this period. Enter the difference on line 320.330 Penalty if Paying after the Due DateThe penalty for late payment is 10% of the balance of tax owingshown on line340 Interest if Paying After the Due DateLate payment also attracts an interest of 1.5% per month of thebalance of tax due for the period. Calculate 1.5% of the figure online 320 and enter the figure on line 340.350 Total DueAdd the figures on lines 320 to 340 and enter the total on line 350.360 Amount Paid on FilingEnter the amount that you are paying when submitting your GSTReturn on this line.370 GST Withheld From Insurance Indemnity PaymentIf you received an indemnity payment from an insurance companyduring the taxable period. You should put the GST payable on thedeemed taxable supply that arose as a result of the indemnitypayment received from the company380 GST Withheld on Government ContractShould be used to report any GST that has been withheld onGovernment contracts.45
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 24 and 25: CHAPTER SIXGST RETURNS, PAYMENTS AN
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 48: 390 Total GST PaidAdd the figures e

The GST Guide - The Belize Department of General Sales Tax

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