Sir,
IGST Input and Output Both Are Under Current Liability.
6 Replies
Gopala Krishna
(289 Points)
Replied 02 July 2020
May Be Is not Currect Answer..Please Enquiry and Send Perfect Answer.
harsha vardhan
(student)
(45 Points)
Replied 02 July 2020
IGST OUTPUT shall come under current Liability and IGST Input shall come under current asset
Padmanabhan
(Student)
(1321 Points)
Replied 02 July 2020
Input is a current asset and liability is current liability.
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.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 03 July 2020
No .....
IGST Input : Current Asset
IGST Output : Current Liability
IGST Input : Current Asset
IGST Output : Current Liability
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