I’m seeing quite a few examples of invoices still being issued at the old 12.5% GST rate. In one case the supplier said they used the old rate because the goods were delivered in September.
Invoices issued in October at 12.5% are probably incorrect. Sometimes they will be okay but as a general rule they will be wrong. This is important if the purchaser is a business because they should be able to claim GST at the 15% rate on the expense but must have a valid tax invoice to do that.
Also, some businesses are having trouble with automated systems and credit notes for pre 1 October sales are being issued at 15% when they should be 12.5% .
During this transitional period it will pay to check invoices and credit notes carefully.
http://iainblakeley.com/wp-content/uploads/2017/01/name-1-300x72.png00Iain Blakeleyhttp://iainblakeley.com/wp-content/uploads/2017/01/name-1-300x72.pngIain Blakeley2010-10-22 09:03:422010-10-22 09:03:42Check those invoices!
Barrister, Director and Consultant specialising in tax, family enterprise governance and succession, helping start ups and entrepreneurial enterprises grow safely and international expert on value added tax policy and implementation.