Dear Members, please guide me. I am practicing GST and have come across a somewhat puzzling problem. Please reply as per latest GST amendments as per their relevance.
Balances:
Input CGST: Rs. 10000.00, Input SGST: Rs. 10000.00, Input IGST: Rs. 2000.00 (after being setoff against output IGST of Rs. 900.
Output CGST & Output SGST: Rs. 900.00 Resp
What is to be done about the Input GST and Output GST figures?
Can they be setoff? OR
Do they be shown on the assets side of B/S on net basis? If they go into B/S, they where are they shown?
Is it correct to show Input GST under Duties and taxes in B/S.? If no, then what is the correct way to show it?
Thanking You for your clarifications in the past.
Yours Sincerely,
Mr. Tarun Gupta
CAclubindia
