Question

gst receivble pst payable gst payable explanation and why we don't have pst receivble

gst receivble pst payable gst payable explanation and why we don't have pst receivble

Homework Answers

Answer #1

As such, GST receivable is being debited as current asset when a business purchases taxable merchandise. By subtracting GST receivable from GST payable (received as a result of providing taxable merchandise/services to a customer), we get net liability for GST.

In case of GST we get input tax credit therefore there is GST receivable and GST payable account.

We get input credit of GST paid on taxable purchases.

In case of PST, it is added to the cost of the item. There is no recoverable ITC for provincial sales tax paid. Therefore we do not have PST receivable.

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