Insurance Prepaid exp
This query is : Resolved
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.
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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