Prepaid Expenses in IT on which GST already paid

Yes. the  advance paid part should be shown as a prepaid expenses. This is because the service (annual maintenance contract or AMC) has not been fully consumed in the current financial year (FY24-25). Only a portio of the AMC service will be utilised in FY24-25, AND THE REMAINING PORTION WILL BE UTILIZED IN FY 25-26. Therefore, it is appropriate to record the advance paid as a prepaid expenses to match the expense with the period in which the service is actually consumed.