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INDAS 12

Swetha Yagati (57 Points)

22 July 2021

WHICH INDAS IS APPLICABLE TO GST ACCOUNTING as INDAS 12 mentions that Accounting for Income Tax? Please clarify

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7 Replies

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (3303 Points)
Replied 22 July 2021

Ind AS 12 is based on the Balance Sheet approach. It requires recognising tax consequences of the difference between the carrying amounts of assets and liabilities and their tax base.

1 Like

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 23 July 2021

There will be timing difference in recording of liability under the GST and recording of revenue under IND AS. These transactions shall stand as unreconciled and has to be appropriately disclosed under FORM GSTR-9C.

CA Rashmi Gandhi (Chartered Accountant) (86225 Points)
Replied 23 July 2021

No IndAS notified for the purpose of GST accounting.

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 23 July 2021

IND as is not applicable for GST

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 23 July 2021

GST is autonomous and IndAS 12 do not cover current taxes. However, GST must be presented in IndAS 1.

CA Rashmi Gandhi (Chartered Accountant) (86225 Points)
Replied 24 July 2021

Sourav, why you have always two conflicting replies on each post. Either stop replying wrong or answer only once which is correct.

Why making querist confuse???

1 Like

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 24 July 2021

As I have already said IndAs 12 is not applicable for GST as there is difference in recognition of financial transactions between GST and accounting matters