GST (goods and services tax) collected by a retailer are expenses
A) of the retailer.
B) of the customers.
C) of the government.
D) that are not recognized by the retailer until they are submitted to the government.

Question

Quizplus · Accepted Answer

GST (Goods and Services Tax) collected by a retailer is considered an expense of the customers, as it is a tax on consumption paid by the consumer at the point of sale. The retailer collects it on behalf of the government and remits it accordingly.

GST (Goods and Services Tax) Collected by a Retailer Are