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
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