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ITC ON PREPAID INSURANCE

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rajesh behl

rajesh behl (Querist)
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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

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 May 2022 Mismatch will not arise as no matching is done.
ITC can be claimed when it appears in 2B.

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