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accounting treatment under reverse charge

Abhay Jain (5 Points)

26 September 2017

what entry is to be made under reverse charge..?

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3 Replies

mahendra sahoo (Gst Practicion) (700 Points)
Replied 26 September 2017

1. Expense account Dr
To creditor or bank
2. CGST or SGST RCM Input available account Dr
TO RCM OUTPUT (CGST OR SGST) PAYBLE
3. RCM OUTPUT payable account dr
To bank
4. CGST or SGST liability account Dr
To CGST or SGST RCM Input available account Dr
Please note : CGST or SGST RCM Input available take under current asset
And RCM OUTPUT PAYBLE take under duties and taxes under liability side

mahendra sahoo (Gst Practicion) (700 Points)
Replied 26 September 2017

1. Expense account Dr
To creditor or bank
2. CGST or SGST RCM Input available account Dr
TO RCM OUTPUT (CGST OR SGST) PAYBLE
3. RCM OUTPUT payable account dr
To bank
4. CGST or SGST liability account Dr
To CGST or SGST RCM Input available account Dr
Please note : CGST or SGST RCM Input available take under current asset
And RCM OUTPUT PAYBLE take under duties and taxes under liability side

RAJA P M ("Do the Right Thing...!!!") (127294 Points)
Replied 26 September 2017

@ Mr Abhay Jain.,
Are you use any software for accounting...??!

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