Under which head in balance sheet.

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Querist : Anonymous

Querist : Anonymous (Querist)

24 September 2018 Sir,

I want to know that ITC remain in credit Ledger , where it has to be shown In Balance sheet and under what head whether in Current Account or Investment.
Please suggest

RAJA P M

RAJA P M (Expert)
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24 September 2018 After adjustment Your all ITC to Liability then You have ITC c/f to Next FY then Prepare a Ledger as "GST Account - Under Revenue Authority (Current Asset)".

Provide a Journal Entry from ITC to GST Account.

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