what are the journal entry for Reverse Gst
This query is : Resolved
27 June 2017
Say, when we buy from unregistered dealer, we need to entry for both input and output gst like
Purchase AC Dr rs 10000
Input Gst rs 100
to Output Gst. rs 100
to creditor rs 10000
then I need to pay rs 100 to govt (say we are not sale the good) and take input credit for rs 100 but my above journal net payable is 0.
what is the entry need to create for that??
27 June 2017
you need to keep a separate account for GST paid under RCM, so that your books of accounts can keep the track of the same.
One can make the entry based on the logic of payable entries at the year end.......
Debit GST under RCM
Credit GST under RCM payable........... say 100 in your above cited case
When you pay the GST under RCM
Debit GST under RCM payable
Credit Bank
GST under RCM account can be utilised for ITC. The unutilised portion of GST under RCM will be charged to P & L account
One can make the entry based on the logic of payable entries at the year end.......
Debit GST under RCM
Credit GST under RCM payable........... say 100 in your above cited case
When you pay the GST under RCM
Debit GST under RCM payable
Credit Bank
GST under RCM account can be utilised for ITC. The unutilised portion of GST under RCM will be charged to P & L account
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