ITC ON PREPAID INSURANCE
This query is : Resolved
28 May 2022
We paid Insurance premium of office building on 30/03/22. Basic amount of Insurance was Rs 55000 + 18% GST, which we claimed as ITC in our GST returns FMO March 2022.
Now my query is whether should I transfer the basic amount of insurance to "Prepaid Insurance" and C/f the amount to Next F.Y..?? Will this not create mismatch in Expenses & ITC claimed in both the F.Y.
Please reply.
Thanks in advance
Rajesh Behl
Now my query is whether should I transfer the basic amount of insurance to "Prepaid Insurance" and C/f the amount to Next F.Y..?? Will this not create mismatch in Expenses & ITC claimed in both the F.Y.
Please reply.
Thanks in advance
Rajesh Behl
28 May 2022
Mismatch will not arise as no matching is done.
ITC can be claimed when it appears in 2B.
ITC can be claimed when it appears in 2B.
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