GST REVERSE CHARGE
This query is : Resolved
27 April 2020
XYZ raise the bill to ABC Amount of Rs 22500/- . SGST Rate 5% , CGST Rate 5%.
How I calculate the GST under Reverse Charge Method.
What will be the accounting entry.
How I calculate the GST under Reverse Charge Method.
What will be the accounting entry.
05 May 2020
You have to calculate the Reverse Charge on total amount incld GST. i.e, Reverse Charge GST @ 12% x Rs. 22,500/- = Total GST @ 12% Rs. 2700 (CGST Rs. 1350 & SGST Rs. 1350)
Purchase A/c Dr. 22,500/-
CGST Input @ 6% Dr. 1350/-
SGST Input @ 6% Dr. 1350/-
CGST @ 6% Payable - Cr. 1350/-
SGST @ 6% Payable - Cr. 1350/-
Accounts Payable / Bank / Cash Account - Cr. 22,500/-
Hope it is clear now...
Purchase A/c Dr. 22,500/-
CGST Input @ 6% Dr. 1350/-
SGST Input @ 6% Dr. 1350/-
CGST @ 6% Payable - Cr. 1350/-
SGST @ 6% Payable - Cr. 1350/-
Accounts Payable / Bank / Cash Account - Cr. 22,500/-
Hope it is clear now...
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