Question

Time Remaining: 1:49:44 Hide Show Time Remaining Part 1 of 2 - Multiple Choice Select the ONE alternative that best completes the statement or answers the question Question 9 of 30 1 Points Which of the following statements regarding the Harmonized Sales Tax (HST) is true? A. The net HST Collected (HST Payable less HST Recoverable) is remitted to the federal government on a yearly, quarterly, or monthly basis. B. Sellers of HST taxable goods & services can claim an input tax credit (ITC) for the HST they pay on their purchases C. Since businesses must remit the net WIST to the government even if the money hasn't yet been collected, it imposes a significant cash flow burden on them. D. All of the above. Reset Selection Previous Next to search

Answer 1

Solution: Sellers of HST taxable goods & services can claim an input tax credit (ITC) for the HST they pay on their purchases

Explanation: HST seller can recover the HST payable or paid on purchases and expenses in regard to the commercial activities by claiming input tax credits (ITCs).