Classification as current or non current assets
This query is : Resolved
CA Meet Sagarka
(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?
Guest
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.
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
Guest
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.
Because, every month new credit adds and old credit gets set off against the output tax liability.
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