GST Input Tax Credits explained

What are GST Input Tax Credits and how and why do you claim them? GST is a sales tax in Canada which stands for Goods and Services Tax. When a business registers for a GST account, they must begin charging GST on sales. Once they have registered, they can also claim the money they spend on GST for purchases for their business as Input Tax Credits. These GST Input Tax Credits (ITCs) can be applied to the amount of GST a business collected to reduce the amount that must be remitted. Rather than remitting the total amount of GST collected, only the amount less the ITCs must be remitted. CRA GST Input Tax Credit Information - https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/calculate-prepare-report/input-tax-credit.html CRA general GST information - https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4022.html Magnaltus Instagram: https://www.instagram.com/magnaltus/ #business #GST #GSTITCS