Balance sheet entry
This query is : Resolved
11 July 2019
Respected Sir,
in a balance sheet we have show below entry.
IGST (RCM) Input Rs .14400/- DR. ( Current Assets) 31.03.2019
IGST (RCM) Payale Rs. 14400/- Cr. ( Current Liabilities ) 31.03.2019
So my Quiry is that can we carried forward the same in next FY 2019-2020 or need to adjust with IGST output in March 2019
please guide to me
in a balance sheet we have show below entry.
IGST (RCM) Input Rs .14400/- DR. ( Current Assets) 31.03.2019
IGST (RCM) Payale Rs. 14400/- Cr. ( Current Liabilities ) 31.03.2019
So my Quiry is that can we carried forward the same in next FY 2019-2020 or need to adjust with IGST output in March 2019
please guide to me
12 July 2019
In financials the RCM entry is for payment and credit availment. Once the credit is availed in GSTR 3B.the same has no time limit to adjust/utilize against a liability. So no need to utilise in March 2019 itself.
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