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ITC treatment in accounting

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Assistant Accounts Officer (Retd) in Ele
106 Points Joined January 2015
what is treatment of ITC in accounting. the payment will be short due to ITC. Is it income, liability or assets.
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On 04 November 2020 at 16:18 Report
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Accountant
3662 Points Joined May 2018
Current assets
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On 04 November 2020 at 16:35
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GST Practitioner
55067 Points Joined June 2017
Cannot get your query...
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On 04 November 2020 at 22:54
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133 Points Joined March 2019
You can set off your itc from outward tax liability. both outward and inward fall under duties and taxes, just pass itc entry only when you claim input tax credit
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On 05 November 2020 at 10:14
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Assistant Accounts Officer (Retd) in Ele
106 Points Joined January 2015

Thank you very much. Just some more clarification. If Duties and Taxes has Credit balances at the end of year how to act 

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On 05 November 2020 at 11:56
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133 Points Joined March 2019
Need to check your o/s liability. is that matched that consider that liability as gst payable in b/s
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On 05 November 2020 at 11:59
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Assistant Accounts Officer (Retd) in Ele
106 Points Joined January 2015

Thank you very much 

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On 05 November 2020 at 12:03

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