Accounting treatment for Input GST
This query is : Resolved
05 May 2022
What is the accounting treatment for input GST we have paid?
Will it be shown in P/L a/c or in the asset side of Balance sheet? (Note: there is no output GST liability)
Will it be shown in P/L a/c or in the asset side of Balance sheet? (Note: there is no output GST liability)
05 May 2022
Show in P/L in case of no out put GST liability for ever.
In case of future GST liability show it in the asset side of balance sheet.
In case of future GST liability show it in the asset side of balance sheet.
06 May 2022
Yes sir. Thank you. There is no output GST liability forever as it is a zero rated supply.
But sir, I have a doubt that the input GST we have paid is an expense and also it is an income (Refund) yet to be received. So, is it to be shown in P/L a/c and also in Balance sheet asset side as receivables?
But sir, I have a doubt that the input GST we have paid is an expense and also it is an income (Refund) yet to be received. So, is it to be shown in P/L a/c and also in Balance sheet asset side as receivables?
06 May 2022
In case of refund yet to be received show it in balance sheet receivable.
No need to take it to p/l in such a case.
No need to take it to p/l in such a case.
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10 May 2022
Thank you very much sir
10 May 2022
You are welcome...........
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