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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Input GST and Output GST are what kind of accounts?
Replies (4)
Quick Summary
INPUT GST is an Asset and OUTPUT GST Liability .
Are they always fall under Real Account Sir?
Input GST are tax on inputs while output GST is tax on outward supplies. Input GST is current assets and output GST is current liabilities
Classification:
• Traditional (personal, real, nominal): both are personal accounts, representing amounts receivable from or payable to the Government, which is a person.
• Modern classification:
– Input GST (ITC available) is an asset: "Balances with Government authorities" under Other Current Assets (Schedule III).
– Output GST is a liability: "Duties and taxes" under Other Current Liabilities.
• At the month-end GSTR-3B set-off: Dr Output CGST/SGST/IGST, Cr Input CGST/SGST/IGST (in the Sec 49 order), Cr Electronic Cash Ledger/Bank for the balance.
• Ineligible ITC (Sec 17(5) items) never goes to the Input GST ledger. It is part of the cost of the expense or asset.
• Electronic Cash Ledger balance is a current asset. RCM liability is shown as Output GST (RCM payable), with the related Input GST if eligible.
• Under AS 2 / Ind AS 2, recoverable GST is excluded from inventory cost.
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