Dear Experts.
Please guide me on this query:
Advance paid for AMC for 2 years, bill received in FY24-25 with GST on full amount.
GST ITC claimed in same year FY 24-25.
1) Now shall we show advance paid part as prepaid expense.
2) If we show it as prepaid, it will appear as expense in next year FY25-26 without GST payment, as GST on whole amount paid in current year FY24-25.
How to proceed.
Please guide.