Indian Accounting Standards and GST: auditors must reconcile accounting recognition with GST turnover and input tax credit rules. Indian Accounting Standards affect recognition of turnover, valuation of inventory and fixed assets, timing of supply and entitlement to input tax credit; auditors must reconcile accounting presentations (including advances, unbilled revenue, incentives, penalties, contingencies, employee benefits and segment reporting) with GST rules on value, time of supply and ITC eligibility (notably exclusions under Section 17(5) and denial where depreciation on tax component is claimed) to identify mismatches in taxable supplies and credit claims.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Indian Accounting Standards and GST: auditors must reconcile accounting recognition with GST turnover and input tax credit rules.
Indian Accounting Standards affect recognition of turnover, valuation of inventory and fixed assets, timing of supply and entitlement to input tax credit; auditors must reconcile accounting presentations (including advances, unbilled revenue, incentives, penalties, contingencies, employee benefits and segment reporting) with GST rules on value, time of supply and ITC eligibility (notably exclusions under Section 17(5) and denial where depreciation on tax component is claimed) to identify mismatches in taxable supplies and credit claims.
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