CCI Online Learning
50% OFF in CA/CS/CMA Subjects
     
CIBIL

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

IGST Input Regarding


Gopala Krishna   02 July 2020

Gopala Krishna

 10 likes  238 points

| My Other Post

Sir,
IGST Input and Output Both Are Under Current Liability.

avater

KRISSHNAN KP   02 July 2020

KRISSHNAN KP

 447 likes  4205 points

View Profile | My Other Post

May be

1 Like
avater

Gopala Krishna   02 July 2020

Gopala Krishna

 10 likes  238 points

View Profile | My Other Post

May Be Is not Currect Answer..Please  Enquiry and Send Perfect Answer.

avater

harsha vardhan (student)     02 July 2020

harsha vardhan
student 
 40 points

View Profile | My Other Post

IGST OUTPUT shall come under current Liability and IGST Input shall come under current asset

Padmanabhan (Student)     02 July 2020

Padmanabhan
Student 
 136 likes  1316 points

View Profile | My Other Post

Input is a current asset and liability is current liability.

1 Like
avater

Priyanka Jhanwar   02 July 2020

Priyanka Jhanwar

 17 likes  140 points

View Profile | My Other Post

IGST input tax credit is asset and not liability. However if law/ regulation allows for the set off of ITC with output then only net amount can be shown. However when law prohibits set off e.g. GST Payable on RCM which cannot be set off with ITC then Gross amount will be shown.
Now so far as classification as current or non current is concerned, an asset/ liability will be treated as current if it can be realised/ has to be paid in 12 months or within operating cycle of the entity. Generally GST is payable and ITC is realisable within 12 Months, hence it should be shown as Current.

avater

Pankaj Rawat (GST Practitioner)     03 July 2020

Pankaj Rawat
GST Practitioner 
 3569 likes  48227 points

View Profile | My Other Post

No .....
IGST Input : Current Asset
IGST Output : Current Liability


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  



Related Threads


Loading

Popular Discussion


view more »



Trending Tags
GST Live Class    |    x