GST Entries

This query is : Resolved

R S Sai Kumar (Querist)
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15 October 2021 Would some one suggest me the method of passing journal entries - in relation to RCM, RCM is eligble for availment of input. Kindly give illustrations also. A known person suggested the entries, but I am not satisfied with the same. Hence posted in this forum

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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15 October 2021 Debit GST ITC claimable RCM
Credit bank.

Ram Avtar Singh

Ram Avtar Singh (Expert)
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16 October 2021 select Increased GST Liability option in your software
Input IGST 100
Input CGST 1400
Input CGST 1400

IGST on Reverse Charges (Freight) 100
CGST on Reverse Charges (Freight) 200
SGST on Reverse Charges (Freight) 200
CGST on Reverse Charges (Prof) 1200
SGST on Reverse Charges (Prof) 1200
Being amount of RCM Liability created

IGST on Reverse Charges (Freight) 100
CGST on Reverse Charges (Freight) 200
SGST on Reverse Charges (Freight) 200
CGST on Reverse Charges (Prof) 1200
SGST on Reverse Charges (Prof) 1200
Bank A/c 2900
Being amount Paid RCM