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INDAS 12
WHICH INDAS IS APPLICABLE TO GST ACCOUNTING as INDAS 12 mentions that Accounting for Income Tax? Please clarify
Replies (7)
Quick Summary
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.
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.
No IndAS notified for the purpose of GST accounting.
IND as is not applicable for GST
GST is autonomous and IndAS 12 do not cover current taxes. However, GST must be presented in IndAS 1.
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???
Why making querist confuse???
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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