Input GST and Output GST are what kind of accounts?

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243 Points Posted on 17 April 2021
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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On 17 April 2021 at 10:21 Report
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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.

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GST Practitioner & Accounts
15140 Points Posted on 17 April 2021

INPUT GST  is  an Asset  and  OUTPUT GST  Liability .  

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On 17 April 2021 at 10:39
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243 Points Posted on 17 April 2021
Are they always fall under Real Account Sir?
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On 17 April 2021 at 10:59
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Chartered Accountant
24588 Points Posted on 17 April 2021
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
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On 17 April 2021 at 11:46

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