Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What is the difference between the Invoice Basis and Payments Basis when filing a GST return?

April 26, 2017basis difference filing GST invoice PAYMENTS Return

0

Posted

What is the difference between the Invoice Basis and Payments Basis when filing a GST return?

1 Answer

0

Posted

A. The Invoice Basis is where you claim or pay GST on Sales and Purchases made even if they have not been paid in your current GST period. The Payment Basis or alternatively known as the Cash Basis is where you claim and pay GST on payments made on payments received in the current GST period. For the Payments Basis the Bank Statements are an absolute record of all these transactions.