Deposits and Downpayment

 

You may collect a deposit or downpayment from your customer for your supply of goods or services.

When the deposit forms partial payment for the goods or services supplied, GST has to be charged on the amount of deposit and accounted for in the accounting period in which the deposit is received.

When the deposit is refundable and used as a security, GST is not chargeable. For example, a deposit imposed for the safe return of goods.

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