31 October 2024
GST input refers to the tax paid on purchases of goods and services that are used for business purposes. Example: If a business purchases raw materials for ₹10,000 and pays ₹1,000 as GST, the ₹1,000 is the GST input.
GST Receivable refers to the GST collected from customers on sales of goods and services. If a business sells goods worth ₹10,000 and charges ₹1,000 as GST, the ₹1,000 is the GST receivable.
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