05 May 2022
What is the accounting treatment for input GST we have paid? Will it be shown in P/L a/c or in the asset side of Balance sheet? (Note: there is no output GST liability)
06 May 2022
Yes sir. Thank you. There is no output GST liability forever as it is a zero rated supply. But sir, I have a doubt that the input GST we have paid is an expense and also it is an income (Refund) yet to be received. So, is it to be shown in P/L a/c and also in Balance sheet asset side as receivables?
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