Accounting treatment for input tax Credit on Reverse Charge
This query is : Resolved
07 July 2017
what is the accouting treatment for Input tax Credit in case of Reverse Charge & also when we pay Gst on reverse charge if the supplier is an unregistered dealer
Amol S Joglekar
(Expert)
07 July 2017
When you buy it from unregistered dealer...... RCM to be paid shall be deducted from the amount payable to the said unregistered dealer.
1. purchse
debit purchase
credit supplier....say 10,000
2 payment
debit supplier 10000
credit bank 8800
credit recovered gst on RCM. 1200.....assuming 12% rate of gst
3.payment of rcm gst
debit gst paid on rcm 1200
credit bank 1200
1. purchse
debit purchase
credit supplier....say 10,000
2 payment
debit supplier 10000
credit bank 8800
credit recovered gst on RCM. 1200.....assuming 12% rate of gst
3.payment of rcm gst
debit gst paid on rcm 1200
credit bank 1200
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