The input tax credit availed in GST is under provisional basis…the reason is matching is not done…….so what are the financial implications? Do i need to state it as contingent item or make a provision for the same in the financials? – point to ponder before close of financial statement for the FY 2017 – 18?
Wrong availment shall attract interest. Better to provide.
LikeLike
yes you are very much true, as matching it not there we do not know the supplier has paid or not.
LikeLike
Quantification may be an issue.
LikeLike
yes how do you quantify it either for making a provision or for giving it in notes as contingent liability
LikeLike