Dear Experts,
My question is how to make entries in tally in case of following reason :
in 3B IF I take ITC for rs. 1000 ( RS. 800 For purchase of goods & rs. 200 For RCM )
plz tell me how RCM will reflect in my books ...
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Advice on RCM Entries
Replies (9)
I have same query . please reply
@ Rakesh bafna , I'm not a expert but this is what we do for rcm entries in tally .....your purchase of 800 rs automatically goes in 3b itc as normal itc nothing much to speak about it ....regarding rcm of 200 what we do is debit csgt 100 debit sgst 100 n credit cgst 100 n sgst 100 credit .....Hope I'm correct if not pls rectify ...Hope this helps
if we will cross the entry then our cash ledger/credit ledger will not match with our 3B data
I will check once again n get back at the earliest .
RCM Receivable CGST/SGST or IGST Dr.
To RCM Payable CGST/SGST or IGST Cr.
When RCM is deposited:
RCM Payable CGST/SGST or IGST Dr.
To Bank
To RCM Payable CGST/SGST or IGST Cr.
When RCM is deposited:
RCM Payable CGST/SGST or IGST Dr.
To Bank
@ pankajji in my case I don't have to paid payment because of ITC available for previous month ... in both cgst/sgst...
@ Dear Rakesh
even though your ITC is available in credit ledger you cannot setoff your RCM againt your balance in credit ledger , in case of RCM the recepient has to deposit the RCM .. yes if you are having balance in cash ledger in that case you can setoff RCM liabilities against the same & can claim ITC
even though your ITC is available in credit ledger you cannot setoff your RCM againt your balance in credit ledger , in case of RCM the recepient has to deposit the RCM .. yes if you are having balance in cash ledger in that case you can setoff RCM liabilities against the same & can claim ITC
@ pankajji i got your point but tell me how to rectified this in current year as this mistakes are of last year ...
KINDLY DEPOSIT ALL THE RCM PAYABLE WITH INTEREST @ 18%, SHOW IT IN SEPT-18 MONTH GSTR3B
FOR PAYABLE UNDER TABLE 3.1 ROW (D) - INWARD SUPPLIES LIABLE TO REVERSE CHARGE
FOR INPUT : UNDER TABLE 4 , ROW A(3), -INWARD SUPPLIES LIABLE TO REVERSE CHARGE
NOTE : HAVE TO DEPOSIT RCM FIRST
PREPARE RECONCILATON STATEMENT FOR THE SAME AS ITS PERTAINING TO PRV. FY
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