There is ITC available in books in GST, then can I take it under the head loans and advances ?
If no, please explain in detail.
3 Replies
SIDDHANT AGARWAL
(20 Points)
Replied 31 August 2019
No ,it should be taken under other current assets , becauseyou havent given any loans or advances . If you give a loan or advance to anyone, u pay interest or goods or services in exchange of the advancegiven. This is not the case iver here
Akshay Jain
(Tax Consultant)
(1024 Points)
Replied 31 August 2019
Actually my question is, in balance sheet where will 'GST claimable/Receivable' to be putted up?
in Duties and taxes or in loans and advances.
in Duties and taxes or in loans and advances.
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