Is Input or receivable interchangeable words
This query is : Resolved
31 October 2024
is input or receivable interchangeable words some person used GST Input or some used GST receivable.
31 October 2024
GST input refers to the tax paid on purchases of goods and services that are used for business purposes.
Example: If a business purchases raw materials for ₹10,000 and pays ₹1,000 as GST, the ₹1,000 is the GST input.
GST Receivable refers to the GST collected from customers on sales of goods and services.
If a business sells goods worth ₹10,000 and charges ₹1,000 as GST, the ₹1,000 is the GST receivable.
Example: If a business purchases raw materials for ₹10,000 and pays ₹1,000 as GST, the ₹1,000 is the GST input.
GST Receivable refers to the GST collected from customers on sales of goods and services.
If a business sells goods worth ₹10,000 and charges ₹1,000 as GST, the ₹1,000 is the GST receivable.
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