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GST Laibility

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Sanjay Mishra

4 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

Replies (4)

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.