31 - [R5] TAX [GST and VAT Reports]

Summary

  • :receipt: Understanding GST Reports: The video explains that the GST or VAT tax report only applies if GST is relevant to you, based on settings configured in the software.
  • :moneybag: Input Credits and Liability: Describes GST input credits available for construction-related expenses and the GST liability on generated income, particularly for residential and commercial units.
  • :arrows_counterclockwise: Customizable Parameters: Users must decide which cost centers and elements are GST-inclusive or exclusive. Calculations are performed net of GST unless specified otherwise.
  • :hammer_and_wrench: Professional Advice Recommended: It’s emphasized to seek professional advice for specific GST requirements tailored to individual projects.
  • :bar_chart: Monthly Cash Flow Reports: Summarizes GST liabilities and credits on a monthly basis to provide a clear financial overview.

Insights Based on Numbers

  • :1234: GST Calculation Highlights: The video stresses that all metrics, such as development margin and yields, are calculated net of GST. This ensures transparency in financial reporting.