banner_ad

INDAS 12

Others 206 views 7 replies
User Avatar

57 Points Posted on 22 July 2021
WHICH INDAS IS APPLICABLE TO GST ACCOUNTING as INDAS 12 mentions that Accounting for Income Tax? Please clarify
0 Reply Share Follow
On 22 July 2021 at 17:01 Report
Replies (7)
User Avatar

Master in Accounts & high court Advocate
9615 Points Posted on 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 Reply
On 22 July 2021 at 17:42
User Avatar

Chartered Accountant
24588 Points Posted on 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.
Reply
On 23 July 2021 at 05:53
User Avatar

Chartered Accountant
86505 Points Posted on 23 July 2021
No IndAS notified for the purpose of GST accounting.
Reply
On 23 July 2021 at 06:20
User Avatar

Chartered Accountant
24588 Points Posted on 23 July 2021
IND as is not applicable for GST
Reply
On 23 July 2021 at 11:27
User Avatar

My grammar is 💯 good I
7301 Points Posted on 23 July 2021

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

Reply
On 23 July 2021 at 19:25
User Avatar

Chartered Accountant
86505 Points Posted on 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 Reply
On 24 July 2021 at 06:15
User Avatar

Chartered Accountant
24588 Points Posted on 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
Reply
On 24 July 2021 at 09:25


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details