The
components of balances with government authorities were as follows:
(In USD) As at
March
31,
2024
March
31,
2023
Current
Goods
and service tax receivable
$
4,277,019
$
3,962,822
Less: Impairment*
(3,849,317
)
-
427,702
3,962,822
Non current
Goods
and service tax receivable**
$
-
$
196,483
Other
tax receivables
18,126
51,838
18,126
248,321
*
As of March 31, 2024, the Company recorded an allowance for impairment of tax credits for an amount of $3,849,317 for estimated losses resulting from unlikely utilization of the tax credits. This allowance for impairment of tax credits was determined by estimating future uses of tax credits against output Goods and Service Tax (“GST”).
**
Although these taxes are contractually available to the Company immediately, the Company has accounted for these credits as non-current based upon their expected utilization period.