How we can consider if excess input credit of VAT carry forward from previous financial year in the Balance sheet. In case if we are not getting refund.
How we can consider if excess input credit of VAT carry forward from previous financial year in the Balance sheet. In case if we are not getting refund.
if u will not get any refund and also they are non adjustable with vat liability in future, then write them off. but if they are adjustable in near future then treat them as curent liability
Dear Ashish, i think we should classify under current asset as it is receivable and not a liability
Naveen Fintech Pvt Ltd
Kolkata
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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