Entry in Tally for UPI

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GST on sale of a used vehicle by a scrap dealer must be charged on full value, not margin, if ITC is claimed on RCM purchase. Margin scheme under Rule 32(5) is not allowed when ITC is availed.

Ashim kr Ray

Ashim kr Ray (Querist)

13 April 2022 Sir,

Please tell me the entry in tally for payment through GOOGLE PAY(upi).
Purchase petrol for RS 500 through UPI. how the entry will be.
Please guide.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

13 April 2022 Petrol expenses Dr
To bank account UPI cr

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Ashim kr Ray

Ashim kr Ray (Querist)

13 April 2022 Sir,
I made mistake to plot the question
Actually i am the seller of petrol, and customer paid Rs 500 through UPI.
Then in that case how will be the entry.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

13 April 2022 Bank account UPI receipt Dr
To Petrol sale cr

Ashim kr Ray

Ashim kr Ray (Querist)

13 April 2022 Sir,
Is this the receipt entry. As becoz money enter in bank account.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

14 April 2022 Yes it's.................

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