GST Revese charge
This query is : Resolved
22 November 2019
Dear Expert,
We had received an Invoice for Sponsorship of an Event
Taxble Value is 100000
GST 18% 18000
Amount Tax subject to Reverse charge 18000
What is the accounting entries of expense booking and GST payment entry
This GST amoun is eligible for ITC ?
We had received an Invoice for Sponsorship of an Event
Taxble Value is 100000
GST 18% 18000
Amount Tax subject to Reverse charge 18000
What is the accounting entries of expense booking and GST payment entry
This GST amoun is eligible for ITC ?
22 November 2019
Concerned expenses Debit 100000
GST ITC Debit 18000
Vendor Credit 118000
RCM
GST ITC RCM Debit 18000
GST ITC RCM payable Credit 18000
Payment of GST
GST RCM Payable Debit 18000
Bank account Credit 18000
GST ITC Debit 18000
Vendor Credit 118000
RCM
GST ITC RCM Debit 18000
GST ITC RCM payable Credit 18000
Payment of GST
GST RCM Payable Debit 18000
Bank account Credit 18000
23 November 2019
Sir,
Vendor Bill amount only 100000
because the GST amount reverse charge
Payable only 100000 ?
GST ITC RCM Debit 18000 a/chave balance, need to zero balance?
pls confirm
Vendor Bill amount only 100000
because the GST amount reverse charge
Payable only 100000 ?
GST ITC RCM Debit 18000 a/chave balance, need to zero balance?
pls confirm
23 November 2019
Concerned expenses debit Rs.100000
GST ITC RCM Debit Rs.100000
Vendor Credit Rs.100000
GST ITC payable RCM Credit Rs.100000
You may have one more control ledger of GST Payable and month end balance of ITC and output tax laibility may be transferred to that ledger.
GST Out tax laibillity Debit 18000
GST payable Credit 18000
GST payable Debit 18000
GST ITC Credit 18000
Here GST payale ledger balance is nil and no payment is to be made
GST ITC RCM Debit Rs.100000
Vendor Credit Rs.100000
GST ITC payable RCM Credit Rs.100000
You may have one more control ledger of GST Payable and month end balance of ITC and output tax laibility may be transferred to that ledger.
GST Out tax laibillity Debit 18000
GST payable Credit 18000
GST payable Debit 18000
GST ITC Credit 18000
Here GST payale ledger balance is nil and no payment is to be made
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