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
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
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Relief u/s Section 89
- GST ON DAMAGED GOODS
- E way bill for tractors
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- Specified Profession
- Suggestions required for income tax filing-software (FY 2025-26)
- TAN for Partnership
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
