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Classification as current or non current assets

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(Querist)
19 March 2018 If the input credit of service tax not utilized within one year then it will be classified as current asset or Non current asset?
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Guest

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Guest (Expert)
19 March 2018 The classification is not done on basis of past. It is based on future realisation. If it is recoverable within a year, current, else non-current.
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CA Meet Sagarka

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CA Meet Sagarka (Querist)
19 March 2018 Then how to classify and item as current or non current if it relates to the current accounting period



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Guest

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Guest (Expert)
19 March 2018 IMO, Current asset.
Because, every month new credit adds and old credit gets set off against the output tax liability.

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