GST Entries
This query is : Resolved
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
15 October 2021
Debit GST ITC claimable RCM
Credit bank.
Credit bank.
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
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
16 October 2021
I am very much thankful to you
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding appeal to GSTAT
- Copyright software
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Transporter Declaration form
- Form 121 & TDS deduction
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
