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Effective since January 1, the GST rate has been reduced to 5%

The GST rate has been reduced to 5% and we have updated the relevant information on our website. You will find revised versions of existing GST forms as well as form FP-2192-V, GST-QST Adjustment Application for Residential Complexes.

A questions and answers section is provided to help consumers and businesses better understand the fiscal consequences of the new GST rate.

Consumers will find out

  • what to do if GST is charged at the rate of 6% after December 31, 2007
  • what rules apply to items purchased on a layaway plan or an equal billing plan
  • what exceptions exist for new housing

Businesses will find out how the new rate affects

  • sales of property
  • services and intangible property
  • rentals
  • leases
  • imports
  • coupons, price adjustments and returned goods
  • tax accounting and invoicing
  • rebates
  • real property

Note that certain changes will be made to the QST system to take into account the new GST rate.

If you wish to contact Revenu Qu├ębec, click on To reach us.

Article source: http://www.revenuquebec.ca/en/centre-information/actualite/2008/2008-01-01.aspx?rss=1