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Gopala Krishna   02 July 2020

IGST Input Regarding

IGST Input and Output Both Are Under Current Liability.

 6 Replies


KRISSHNAN KP   02 July 2020

May be
1 Like
Gopala Krishna

Gopala Krishna   02 July 2020

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

harsha vardhan

harsha vardhan (student)     02 July 2020

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

Padmanabhan (Student)     02 July 2020

Input is a current asset and liability is current liability.
1 Like
Priyanka Jhanwar

Priyanka Jhanwar   02 July 2020

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.
Pankaj Rawat

Pankaj Rawat (GST Practitioner)     03 July 2020

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

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