INDAS 12

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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
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On 22 July 2021 at 17:01 Report
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This discussion clarifies the applicability of Ind AS 12 to Goods and Services Tax (GST) accounting. While Ind AS 12 focuses on accounting for income tax using a balance sheet approach, it does not directly cover GST. GST is considered autonomous, and current taxes are not within the scope of Ind AS 12. However, GST transactions should be presented under Ind AS 1, and any timing differences between GST liabilities and accounting revenue require appropriate disclosure in GSTR-9C.

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Master in Accounts & high court Advocate
9620 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.

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On 22 July 2021 at 17:42
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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.
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On 23 July 2021 at 05:53
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Chartered Accountant
86505 Points Posted on 23 July 2021
No IndAS notified for the purpose of GST accounting.
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On 23 July 2021 at 06:20
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Chartered Accountant
24588 Points Posted on 23 July 2021
IND as is not applicable for GST
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On 23 July 2021 at 11:27
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My grammar is 💯 good I
7306 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. 

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On 23 July 2021 at 19:25
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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???
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On 24 July 2021 at 06:15
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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
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On 24 July 2021 at 09:25

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