Journal entry in case of rcm
This query is : Resolved
CA Ankith Jain
(Querist)
24 February 2016
Dear all, please help me out regards how to pass the journal entries in books of service receiver, where 100 RCM is involved.
Ganeshbabu K
(Expert)
24 February 2016
For 100% Reversecharge:-
Dr.Expense
Dr.Service tax deferred input credit RCM a/c
Dr.Swach bharat cess
Cr.Vendor
Cr.TDS payable
Cr.ST Payable -RCM
Payment of RCM ST
Dr.ST Payable -RCM
Cr.Bank a/c
Taking actual creit after payment of RCM
Dr.Service tax Input credit -RCM
Cr.Service tax deferred input credit RCM a/c
Dr.Expense
Dr.Service tax deferred input credit RCM a/c
Dr.Swach bharat cess
Cr.Vendor
Cr.TDS payable
Cr.ST Payable -RCM
Payment of RCM ST
Dr.ST Payable -RCM
Cr.Bank a/c
Taking actual creit after payment of RCM
Dr.Service tax Input credit -RCM
Cr.Service tax deferred input credit RCM a/c
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