https://www.taxtmi.com/forum/issue?id=119449 Reversal of Input Tax Credit on prepaid expenses is generally unnecessary where the supply is deemed made only to the extent covered by the invoice or payment; ITC may be claimed on or after the service invoice date. The core issue is whether the portion of a prepaid annual payment attributable to the next financial year should be disallowed, which depends on applying the invoice/payment timing rule to the insurer's billing and the recipient's accounting treatment. en-us Sat, 07 Dec 2024 15:40:04 +0530 Fri, 24 Jan 2025 10:40:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=119449 Reversal of Input Tax Credit on prepaid expenses is generally unnecessary where the supply is deemed made only to the extent covered by the invoice or payment; ITC may be claimed on or after the service invoice date. The core issue is whether the portion of a prepaid annual payment attributable to the next financial year should be disallowed, which depends on applying the invoice/payment timing rule to the insurer's billing and the recipient's accounting treatment. Discussion-Forum GST Sat, 07 Dec 2024 15:40:04 +0530 https://www.taxtmi.com/forum/issue?id=119449