The tax invoice should still show the GST as a separate amount. If you issue receipts or simplified tax invoices, you can state the GST-inclusive prices and indicate with the words "Price payable is inclusive of GST".
Example of how to calculate the GST Payable:
You sold a good at $10,000 on 5 Jan 2023. The $10,000 is treated as inclusive of GST since you have decided to absorb the GST. The GST payable also known as the output tax would be $740.74 (i.e. $10,000 x 8/108).
The value of standard-rated supply to declare in your GST return would be $ 9,259.26 (i.e. $10,000 - $740.74).
Reporting the sale in your GST returns:
- Box 1 (Total value of standard-rated supplies): $9,259.26
- Box 6 (Output tax due): $740.74