Form Grt 1 PDF Details

The Department of Revenue and Taxation's Form GRT-1 plays a crucial role for businesses operating within the Government of Guam, serving as the primary document for reporting monthly gross receipts, use, and occupancy tax returns. With businesses required to provide detailed information including the licensee's name, the month and year ending, Employer Identification Number (EIN) or Social Security Number (SSN), and Gross Receipts Tax (GRT) account number, among other specifics, the form is structured to ensure accurate tax collection and regulatory compliance. Additionally, it includes sections for original and amended returns, demanding an explicit explanation for any changes on page 2, signifying the government's requiring for transparency and accuracy in reporting. Tax calculations on the form reflect varied rates across different categories such as wholesaling, retailing, service provisions, rental activities, and more, with a notable implementation of a 5% tax rate for most categories. Importantly, it incorporates adjustments for exemptions and provides space for declaring amounts related to use tax and occupancy tax. An integral feature is the Enhanced Limited Exemption for Certain Small Businesses (LECSB), aimed at offering tax relief under specific conditions thereby illustrating the government's support for small business sustainability amid economic challenges. The precise requirement for a taxpayer or authorized agent's signature under penalty of perjury underscores the seriousness and legal weight of the filing process. Overall, Form GRT-1 encapsulates a comprehensive approach to tax reporting and compliance for businesses within Guam, reflecting both the administrative requirements and the supportive mechanisms in place to facilitate economic activity.

QuestionAnswer
Form NameForm Grt 1
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesthe form grt, guam tax grt, get the govguamdocs form, grt govguamdocs com

Form Preview Example

DEPARTMENT OF REVENUE AND TAXATION Page 1 of 2

GOVERNMENT OF GUAM

FORM GRT-1 MONTHLY GROSS RECEIPTS, USE AND OCCUPANCY TAX RETURN

NAME OF LICENSEE

 

MONTH / YEAR ENDING

 

 

 

EIN/SSN

GRT ACCOUNT NUMBER

ORIGINAL RETURN

 

 

 

 

 

MAILING ADDRESS

 

AMENDED RETURN

 

 

 

 

Explain any changes in the space

 

 

provided on page 2 of this form.

 

 

 

EMAIL ADDRESS

 

TELEPHONE NO.

 

 

 

FOR OFFICIAL USE

BUSINESS ACTIVITY OR

KIND OF TAX

(A)

GROSS RECEIPTS AMOUNT OR VALUE

(B)

EXEMPTION

(Attach Sch. GRT-E)

(C)

TAXABLE AMOUNT

OR VALUE

(D)

TAX

RATES

(E)

TAX DUE

PART 1: GROSS RECEIPTS TAX * Note: For tax periods prior to April 1, 2018, use the applicable tax rate of 4% to compute tax due.

1.

WHOLESALING

 

 

 

5 %*

 

2.

RETAILING

 

 

 

5 %*

 

3.

SERVICE

 

 

 

5 %*

 

4.

RENTAL REAL PROP.

 

 

 

5 %*

 

5.

RENTAL OTHERS

 

 

 

5 %*

 

6.

PROFESSION

 

 

 

5 %*

 

7.

COMMISSION

 

 

 

5 %*

 

8.

INSURANCE PREMIUM

 

 

 

5 %*

 

9.

CONTRACTING (LOCAL)

 

 

 

5 %*

 

10.

CONTRACTING (US)

 

 

 

5 %*

 

11.

INTEREST

 

 

 

5 %*

 

12.

AMUSEMENT

 

 

 

5 %*

 

13.

OTHERS

 

 

 

5 %*

 

14.

TOTALS (Add lines 1-13)

 

 

 

 

 

 

 

 

 

 

 

14a. Enter the reduction amount, if any, from Worksheet A, line 6. See instructions. If you do not

 

 

qualify for LECSB, enter -0-.

 

 

14b. Subtract line 14a from line 14. This is your TOTAL GRT

 

 

PART 2: USE TAX

 

 

15.

IMPORTATION

 

 

 

4%

 

16.

LOCAL PURCHASES

 

 

 

4%

 

17.

INVENTORY USED

 

 

 

4%

 

18.

USE TAX TOTAL

 

 

 

 

 

 

 

 

 

 

 

 

PART 3: OCCUPANCY TAX

19.HOTEL/MOTEL/OTHER

20.BED & BREAKFAST

PART 4:

11%

4%

42. Add lines 14b, 18, 19 and 20 of Column E. This is your TOTAL TAX

42.

 

 

 

 

43. PENALTY

43.

 

 

 

 

44. INTEREST

44.

 

 

 

 

45. CREDIT OR ADJUSTMENT

45.

 

 

 

 

46. BALANCE TAX DUE

46.

 

 

 

 

Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct and complete. Declaration of preparer (other than taxpayer) is based on all information of which the preparer has any knowledge.

SIGNATURE (TAXPAYER OR AUTHORIZED AGENT)

PRINT NAME

DATE

DEPARTMENT OF REVENUE AND TAXATION

FORM GRT-1 (0720v9)

DEPARTMENT OF REVENUE AND TAXATION Page 2 of 2

GOVERNMENT OF GUAM

FORM GRT-1 MONTHLY GROSS RECEIPTS, USE AND OCCUPANCY TAX RETURN

NAME OF LICENSEE

MONTH / YEAR ENDING

EIN/SSN

GRT ACCOUNT NUMBER

WORKSHEET A Enhanced Limited Exemption for Certain Small Businesses (LECSB) — P.L. No. 35-90 (enacted 06/26/2020; expires 06/26/2022)

Instructions: Use this worksheet to compute the 2% LECSB reduction effective January 1, 2020.

A.Was your gross annual income (the aggregate gross receipts value of all activities) for the most recent (prior) calendar year at least $50,000 and less than or equal to $500,000?

____NO. STOP, Do Not Proceed to Step B. You do not qualify for LECSB during this calendar year.

____YES. Continue.

B.Do you have taxable amounts on Part 1, lines 2C, 3C, 4C, 5C, 6C, 7C or 8C?

____NO. STOP. You do not qualify for LECSB for this month.

____YES. Continue.

1.

Combine the taxable amounts on Part 1, lines 2C, 3C, 4C, 5C, 6C, 7C and 8C

1._______________

2.

Maximum Annual LECSB Limitation subject to 3% GRT rate

2.

$250,000

3.Total LECSB Income received in prior months of the current calendar year 3._____________

4.

Subtract line 3 from line 2 and enter here, but not below zero

4.________________

5.

Enter smaller of line 1 or 4. This is the current month’s LECSB Income subject to 3% rate

5.________________

6.

Multiply line 5 by 2%. This is the reduction amount. Enter here and on Part 1, line 14a.

6. ________________

7.

Combine lines 3 and 5. You will need this amount to complete this worksheet for the

7.________________

 

next month of your calendar year if the amount on line 7 is less than $250,000.

 

LECSB Year End Reporting Requirement

How many Employees were hired as a result of LECSB?

FOR AMENDED RETURNS ONLY

EXPLANATION OF CHANGES: In the space provided below, please tell us why you are filing an amended return. Attach any supporting documents.

DEPARTMENT OF REVENUE AND TAXATION

FORM GRT-1 (0720v9)

How to Edit Form Grt 1 Online for Free

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With regards to the blank fields of this particular PDF, here's what you want to do:

1. First, while filling out the guam form gross receipts tax, begin with the area that includes the following blanks:

Stage # 1 of completing the form grt

2. Once your current task is complete, take the next step – fill out all of these fields - AMUSEMENT, OTHERS, TOTALS Add lines, a Enter the reduction amount if, IMPORTATION, LOCAL PURCHASES, INVENTORY USED, USE TAX TOTAL PART OCCUPANCY TAX, HOTELMOTELOTHER, BED BREAKFAST, PART, Add lines b and of Column E, PENALTY, INTEREST, and CREDIT OR ADJUSTMENT with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

the form grt completion process described (stage 2)

It is easy to make errors while filling out the AMUSEMENT, thus be sure you take a second look prior to deciding to finalize the form.

3. The following segment will be about BALANCE TAX DUE Under penalties, PRINT NAME, DATE, DEPARTMENT OF REVENUE AND TAXATION, and FORM GRT v - fill out each one of these blanks.

Part number 3 in completing the form grt

4. This next section requires some additional information. Ensure you complete all the necessary fields - GOVERNMENT OF GUAM FORM GRT, MONTH YEAR ENDING, EINSSN, GRT ACCOUNT NUMBER, WORKSHEET A Enhanced Limited, A Was your gross annual income the, calendar year at least and less, NO STOP Do Not Proceed to Step B, YES Continue, B Do you have taxable amounts on, YES Continue, and Combine the taxable amounts on - to proceed further in your process!

Stage number 4 of filling out the form grt

5. To conclude your document, the particular area includes a couple of extra blanks. Entering Combine the taxable amounts on, next month of your calendar year, LECSB Year End Reporting, FOR AMENDED RETURNS ONLY, and EXPLANATION OF CHANGES In the will wrap up the process and you'll be done in the blink of an eye!

LECSB Year End Reporting, next month of your calendar year, and FOR AMENDED RETURNS ONLY of the form grt

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