Insurance Prepaid exp
This query is : Resolved
Rajkumar Gutti
(Querist)
21 January 2020
Every year we are paying motor car insurance . The Gst component on insurance value we are not taking gst input credit . Bcoz ineligible. Indurance period spread some current year & some next year .Insurance exp. We devided in two partd current year exp. & Next year prepaid exp. My question is that can gst component is required to split current year exp. & Prepaid exp. Or full gst to current year exp (we are not taking gst input credit. Pl guide.
Amol S Joglekar
(Expert)
21 January 2020
Since you are not availing ITC on insurance, for you the gross amount is Insurance expenses. (By gross amount I mean insurance + GST) So you need to pro rate the gross amount.
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