Gst Recoverable

if you pay lets say $100 you pay $7 gst is thier a formula or any way that can help me find out how much you recover for gst recoverable

To determine the amount of GST recoverable, you first need to know the rate of GST and the total amount paid, including GST.

In your case, you mentioned that you paid $100, and the GST rate is 7%. To calculate the GST component of your payment, you can use the following formula:

GST Amount = Total Payment × (GST Rate ÷ 100)

GST Amount = $100 × (7 ÷ 100)
= $7

Therefore, the GST amount paid is $7.

To find out how much you can recover as GST, you need to determine whether you are eligible for GST input tax credits or refunds. Generally, businesses are eligible for GST credits on purchases made for business purposes. If you are a business, you can usually claim a credit for the GST paid on goods and services that are used or intended to be used for your business operations.

To calculate the amount of GST recoverable, you can use the same formula:

GST Recoverable = GST Amount

In this case, the GST recoverable would be $7.

It is important to note that the specific rules and regulations for GST recovery may vary depending on your jurisdiction. It is recommended to consult a tax professional or refer to your local tax authority for more information specific to your situation.