I have to pay current premium amount For Rs.29504, Service Tax on Premium amount Rs.3611 and total is Rs.33115 to Reliance General insurance. Insurance Policy covered up to 26.04.2007 to 25.04.2008. I want to know that what will be Prepaid insurance and what Journal Entry will be passed in the book. my financial year is 2007-08. Service tax input can avail on insurance or not. Thanks SIr.
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