There is ITC available in books in GST, then can I take it under the head loans and advances ?
If no, please explain in detail.
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GST taken under Loans and advances
Replies (3)
No ,it should be taken under other current assets , becauseyou havent given any loans or advances . If you give a loan or advance to anyone, u pay interest or goods or services in exchange of the advancegiven. This is not the case iver here
Consider it as an "OTHER CURRENT ASSETS".
Actually my question is, in balance sheet where will 'GST claimable/Receivable' to be putted up?
in Duties and taxes or in loans and advances.
in Duties and taxes or in loans and advances.
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