Tax on Sales is called Output GST

Tax on Purchase and Expenses is called Input GST

We have to deposit difference of Output and Input to the government

This Difference is called GST  payable

 

Output and Input GST.jpg

 

 

What if Input is More than Output?

In that case, we do not deposit any GST to the government

This difference is called GST Credit

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Transcript

What is Output and Input GST teachoo.com Purchase 40000 IGST 2000 Total 42000 Sales 60000 INPUT GST 2000 OUTPUT GST 3000 INPUT GST 2000 Gst on Purchase is called Input GST Sales 60000 IGST 3000 Total 63000 OUTPUT GST 3000 Gst on Sales is called Ouput GST GST Payable =3000-2000=1000 GST Payable=Output-Input

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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.