GST Laibility

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24 Points Posted on 04 May 2022

Dear Sir

Whether the GST Liabilties balance figure on 31-03-2022 to be shown in balance sheet in Gross or in Net. Gross means actual balance in CGST Payable, SGST Payables and IGST Payables.

Net means - Liabilities figure after setting off with GST Credit.

Thanks

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On 04 May 2022 at 16:37 Report
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Quick Summary
This discussion addresses whether GST liabilities on a balance sheet as of 31-03-2022 should be presented gross (actual payable amounts) or net (after setting off with GST credit). The consensus leans towards presenting liabilities net, as input tax credit is essentially a receivable. However, the final presentation may depend on your chartered accountant's recommendation.

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24 Points Posted on 04 May 2022

Please answer on urgent basis.

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On 04 May 2022 at 16:40
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Profession
19978 Points Posted on 04 May 2022
Liabilities without credit in balance sheet under
current liabilities head
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On 04 May 2022 at 16:47
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GST Practitioner
29904 Points Posted on 04 May 2022
It's depends upon your CA proposes.
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On 04 May 2022 at 23:58
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Profession
19978 Points Posted on 05 May 2022
Input tax credit is a receivable.
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On 05 May 2022 at 06:45

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