Balance sheet entry

This query is : Resolved

Sanjeet (Querist)
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11 July 2019 Respected Sir,

in a balance sheet we have show below entry.

IGST (RCM) Input Rs .14400/- DR. ( Current Assets) 31.03.2019
IGST (RCM) Payale Rs. 14400/- Cr. ( Current Liabilities ) 31.03.2019

So my Quiry is that can we carried forward the same in next FY 2019-2020 or need to adjust with IGST output in March 2019

please guide to me

Nandini H Gupta

Nandini H Gupta (Expert)
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12 July 2019 In financials the RCM entry is for payment and credit availment. Once the credit is availed in GSTR 3B.the same has no time limit to adjust/utilize against a liability. So no need to utilise in March 2019 itself.