GST paid by a business on the purchase of its goods and services, and for which a reduction of GST collected will be claimed from the tax department, is stored in an account called:

Question

Quizplus · Accepted Answer

GST paid by a business on the purchase of its goods and services is considered as an input tax credit which the business can claim back from the government. Therefore, it is stored in an account called GST receivable until the time of filing GST returns.

GST Paid by a Business on the Purchase of Its