Are GST collected and receivable considered the same, and is GST paid the same as payable?

In Accounting, GST (Goods and Services Tax) collected and GST receivable refer to different aspects of a business’s financial transactions. GST collected is the tax amount that a business charges its customers on taxable sales and services, which it must remit to the government. On the other hand, GST receivable represents the input tax credits a business is entitled to claim back from the government on GST paid on its purchases and expenses.

Similarly, GST paid and GST payable serve distinct roles. GST paid pertains to the tax a business pays on its purchases and expenses, for which it can claim input tax credits. GST payable, however, refers to the net liability a business has to the government after offsetting the GST collected from its sales with its eligible input tax credits.

Therefore, GST collected is not the same as GST receivable, and GST paid is not equivalent to GST payable, as they address different elements of GST administration within a business’s Accounting system.