Q1

Suppose in January

Particular Amount
Output GST 100
Input GST 70

What is GST Payable?

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Q2

Now in Feb

Particular Amount
Output GST 140
Input GST 150

What is GST Payable?

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Q3

Suppose in March

Particular Amount
Output GST 300
Input GST 220

What is GST payable?

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Difference between GST Payable and GST Credit

GST Payable GST Credit
If Output is more than Input, difference is GST Payable If Input is more than Output, difference is GST Credit
We have to pay this amount to governemnt by depositing challan We do not have to pay challan. It gets added in input of next month

  1. GST - Goods and Services Tax, India
  2. GST Return, Challan and Invoice Format
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CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .