Dear sir,
if in closing of f.y. 2017/18 my ITC is over from tax payable (duties and Taxes in negative figure) so how we adjust this in balance sheet
Can we transfer this amount in current assets ?
You may transfer to current asset or show the same as debit balance under current liability
Type GST Receivable or mention CGST or SGST or IGST Receivable.
but it is better to keep it in liability side. No problem if it shown negetive fegure.
CAclubindia
