Reversal of GST
This query is : Resolved
24 October 2020
Sir, We have paid insurance premium for our factory building and stock on which ITC is claimed. In the balance sheet we have shown prepaid insurance do we have to reverse the itc pertaining to prepaid insurance premium which we have shown in Balance sheet and claim itc only on the expense debited to profit and loss account
24 October 2020
There is no such rule to claim the ITC on accrual basis.You do not need to reverse the credit on the prepaid insurance premium.
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