The Department of General Sales Tax (GST) has implemented a new policy that will change the registration process for new businesses from now on. The new rule will require any person who is registering a new business to apply to the Commissioner of the GST for a compliance letter prior to visiting the Companies Registry. The norm was implemented in an attempt to crack down on businesses that are not complying with the laws.
Recent reports from the GST are that there are many businesses flouting the tax laws. A key important aspect of compliance is for a programmable cash register to always be in the establishment. “Businesses must issue a tax receipt or tax invoice to customers displaying the GST certificate at a place where it is visible to the public,” said Jones. Businesses must also keep proper books and records, she emphasized. “Failure to do so, exposes a business to court prosecution.
Another reason for the implementation of this new rule is due to the fact that business owners sometimes make changes to their establishments without notifying the corresponding authorities. “If there are any changes, the business owner must inform the GST Commissioner by filling out a form to alert the Department of any changes,” explained Jones. “For example: the status of the business, if there are changes, such as that of owners, the Commissioner must be advised within seven days.” Failure to do so can result in a $1,000 fine and a $100 per day fine for each day that the offense continues.
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