Sir,
IGST Input Tax and IGST Output Tax Under Current Liability R Not. Please inform.
1 Replies
Priyanka Jhanwar
(140 Points)
Replied 02 July 2020
IGST input tax credit is asset and not liability. However if law/ regulation allows for the set off of ITC with output then only net amount can be shown. However when law prohibits set off e.g. GST Payable on RCM which cannot be set off with ITC then Gross amount will be shown.
Now so far as classification as current or non current is concerned, an asset/ liability will be treated as current if it can be realised/ has to be paid in 12 months or within operating cycle of the entity. Generally GST is payable and ITC is realisable within 12 Months, hence it should be shown as Current.
Now so far as classification as current or non current is concerned, an asset/ liability will be treated as current if it can be realised/ has to be paid in 12 months or within operating cycle of the entity. Generally GST is payable and ITC is realisable within 12 Months, hence it should be shown as Current.
Recent Topics
- GST Portal is Live Now
- How to download TeraBox Mod Apk
- ITR for Stamp Duty and Registration Charges for Tr
- RCM on Rent Paid by Composition Dealers
- Development Cess and RCM
- Mistake in challan 26 QC while depositing TDS for
- Query on tax deduction on source
- Need help regarding a non-functioning Private Limi
- RCM on payent of rental charges of commercial prem
- Manufacturing under shops and establishment act?
Related Threads
Trending Online Classes
-
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Industry Expert14 February 2025 -
Survey, Search and Seizure under Income Tax Act 1961
CA Hari Agarwal
CAclubindia
