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Contract Assets | 12 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Contract Assets | 4. Contract Assets Projects with performance obligations recognized over time that have revenue recognized to date in excess of cumulative billings are reported on the Company’s consolidated balance sheets as “Contract assets”. Contract retentions, included in contract assets, represent amounts withheld by clients, in accordance with underlying contract terms, until certain conditions are met or the project is completed. Provisions for estimated losses of contract assets on uncompleted contracts are made in the period in which such losses are determined. Contract assets that have billing terms with unconditional rights to be billed beyond one year are classified as non-current assets. Contract assets consisted of the following as of March 31: Schedule of Contract Assets
|  | 2024 |  |  | 2023 |
|  | As of March 31, |
|  | 2024 |  |  | 2023 |
|  | USD |  |  | USD |
Contract assets: |  |  |  |  |  |  |  |
Revenue recognized in excess of amounts paid or payable (contract receivable) to the Company on uncompleted contracts (contract asset) excluding retainage |  |  | 5,960,812 |  |  |  | 2,453,088 |
Retainage included in contract assets due to being conditional on something other than solely passage of time |  |  | 977,931 |  |  |  | 793,481 |
Less: allowance for credit loss |  |  | (99,646 | ) |  |  | (25,021 | )
Contract assets, net |  |  | 6,839,097 |  |  |  | 3,221,548 |
Contract assets, current |  |  | 6,098,497 |  |  |  | 3,150,729 |
Contract assets, non-current |  |  | 740,600 |  |  |  | 70,819 |
The movement of revenue recognized in excess of amounts paid or payable (excluding retainage) before net of allowance for credit loss is as follows: Schedule of Movement of Revenue Recognized in Excess of Amounts Payable
|  | 2024 |  |  | 2023 |
|  | As of March 31, |
|  | 2024 |  |  | 2023 |
|  | USD |  |  | USD |
Balance at beginning of the year |  |  | 2,453,088 |  |  |  | 389,927 |
Increase as a result of total work completed during the period |  |  | 27,572,692 |  |  |  | 21,868,220 |
Decrease as a result of total amount billed out |  |  | (24,064,968 | ) |  |  | (19,805,059 | )
Balance at end of the year |  |  | 5,960,812 |  |  |  | 2,453,088 |
The movement of retainage before net of allowance for credit loss is as follows: Schedule of Movement of Retainage Before Net of Allowance for Credit Loss
|  | 2024 |  |  | 2023 |
|  | As of March 31, |
|  | 2024 |  |  | 2023 |
|  | USD |  |  | USD |
Balance at beginning of the year |  |  | 793,481 |  |  |  | 390,214 |
Increase as a result of changes in progress of ongoing projects |  |  | 431,521 |  |  |  | 476,030 |
Reclassified to accounts receivable as payment becomes unconditional |  |  | (247,071 | ) |  |  | (72,763 | )
Balance at end of the year |  |  | 977,931 |  |  |  | 793,481 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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