https://www.taxtmi.com/forum/issue?id=106889 Refundable service tax and VAT arising from export transactions must be recorded as current assets in accordance with the accrual principle; charging those refundable amounts to profit and loss and recognizing refunds as income on receipt would misstate results and is likely to be disallowed for income tax purposes, so refunds should be applied to reduce the current asset balance when received. en-us Sun, 08 Jun 2014 12:35:20 +0530 Thu, 23 Jan 2025 15:57:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=106889 Refundable service tax and VAT arising from export transactions must be recorded as current assets in accordance with the accrual principle; charging those refundable amounts to profit and loss and recognizing refunds as income on receipt would misstate results and is likely to be disallowed for income tax purposes, so refunds should be applied to reduce the current asset balance when received. Discussion-Forum Income Tax Sun, 08 Jun 2014 12:35:20 +0530 https://www.taxtmi.com/forum/issue?id=106889