Input GST and Output GST are what kind of accounts? They falls under Personal or Real or Nominal Account? And They are asset, liability or income or expense?
Please explain.
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Quick Summary
Discussion on classification of Input GST and Output GST accounts. Input GST is treated as a current asset, while Output GST is treated as a current liability. They are not classified under traditional personal/real/nominal accounts in modern accounting, but shown in balance sheet accordingly.