Whether GST Input and Output can be net off and shown as netted off in Balance Sheet?
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Gst netting
Replies (4)
Yes, only the net balances need to be reported
it would be great if you can help me with any institute guidelines...
U can check (cant directly refer) AS-22....i know as 22 refers to income tax...the standard allows setting off of tax liability and asset as long as the tax law allows single payment...which is also the case for GST....also i cant see any reason u cannot do that
Payable & Receivable both shown in Balance Sheet. Only for Payment Cash Ledger Journal Entries Passed to Net Off.
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