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.
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Excess input credit of vat treatment in balancesheet
Replies (3)
1. You can disclose this under current asset as collectable from Department.
2. Should you have any Control Account this balances can be offset with group of accounts.
2. Should you have any Control Account this balances can be offset with group of accounts.
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
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