Classification as current or non current assets

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CA Meet Sagarka (Querist)
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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

CA Meet Sagarka (Querist)
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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.

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Classification as current or non current assets

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