Question

At the time of goods sold, output CGST/SGST/IGST account is credited . because it is a/an

a. Revenue/income b. Accrued income c. Assets d. Liability​

Answer 1

Answer:

At the time of goods sold, output CGST/SGST/IGST account is credited . because it is a/an liability

Answer 2

At the time of goods sold, output CGST/SGST/IGST account is credited . because it is a/an

a. Revenue/income b. Accrued income c. Assets d. Liability​

The correct answer is :

d. Liability​

Explanation :

At the time of goods sold, output CGST/SGST/IGST account is credited because it is a/an 'liability.'

Under the GST law, the central government collects CGST, SGST, IGST to see whether the transaction is intrastate or inter-state.

Both CGST and SGST are collected when the supply of a goods product or service is under an intrastate transaction and only IGST is collected if the supply of the product or service is as an intra-state transaction. CGST is a tax levied by the central government on both goods and services under the GST tax, whereas IGST is collected by the GST Act which is a tax levied by the state government.

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