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GST taken under Loans and advances

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Tax Consultant
1024 Points Posted on 31 August 2019
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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On 31 August 2019 at 12:16 Report
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20 Points Posted on 31 August 2019
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
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On 31 August 2019 at 12:54
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Student
23688 Points Posted on 31 August 2019
Consider it as an "OTHER CURRENT ASSETS".
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On 31 August 2019 at 15:21
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Tax Consultant
1024 Points Posted on 31 August 2019
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.
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On 31 August 2019 at 23:10


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