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Excess input credit of vat treatment in balancesheet

Saisumanth S (student CA FInal) (64 Points)

01 June 2016

How we can consider if excess input credit of VAT carry forward from previous financial year in the Balance sheet. In case if we are not getting refund.

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Ramesh Purushothaman (Manager - Finance & Accounts) (46 Points)
Replied 01 June 2016

1. You can disclose this under current asset as collectable from Department.
2. Should you have any Control Account this balances can be offset with group of accounts.

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CA Ashish Gupta (Internal Audit GST Balance Sheet Income Tax ) (55 Points)
Replied 13 July 2016

if u will not get any refund and also they are non adjustable with vat liability in future, then write them off. but if they are adjustable in near future then treat them as curent liability