ITC ENTRY of previous year
Dinesh@123 (Account Executive) (64 Points)
02 March 2021
what is the entry of ITC carried forward from previous year in tally.
Dinesh@123 (Account Executive) (64 Points)
02 March 2021
prasad Nilugal
( GST Practitioner & Accounts )
(14165 Points)
Replied 02 March 2021
On 31 st March You pass entry
Balance with Revenue Authority A/c Dr
To Input Tax Credit A/c Cr
( ITC transfer )
Next year before utilizing credit you reverse the above entry
"Balance with Revenue Authority A/c " will be under Current -Asset Balance sheet .
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