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ITC treatment in accounting
what is treatment of ITC in accounting. the payment will be short due to ITC. Is it income, liability or assets.
Replies (6)
Current assets
Cannot get your query...
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
Thank you very much. Just some more clarification. If Duties and Taxes has Credit balances at the end of year how to act
Need to check your o/s liability. is that matched that consider that liability as gst payable in b/s
Thank you very much
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