Question

what is gst credit pls anewer correctly ​

Answer 1

Answer:

What is Input Tax Credit (ITC) Input Tax Credit or ITC is the tax that a business pays on a purchase and that it can use to reduce its tax liability when it makes a sale. In other words, businesses can reduce their tax liability by claiming credit to the extent of GST paid on purchases.

Answer 2

Answer:

#hope it helps u

Step-by-step explanation:

• What is Input Tax Credit (ITC) Input Tax Credit or ITC is the tax that a business pays on a purchase and that it can use to reduce its tax liability when it makes a sale. In other words, businesses can reduce their tax liability by claiming credit to the extent of GST paid on purchases.
• Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. Say, you are a manufacturer – tax payable on output (FINAL PRODUCT) is Rs 450. tax paid on input (PURCHASES) is Rs 300. You can claim INPUT CREDIT of Rs 300 and you only need to deposit Rs 150 in taxes
• You are generally eligible for the GST/HST credit if you are considered a Canadian resident for income tax purposes the month before and at the beginning of the month in which the Canada Revenue Agency makes a payment. You also need to meet one of the following criteria: you are at least 19 years old.