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Applicability of RCM On security guard services
hi, please clarify whether the RCM applicable on security guard services. and accounting treament
Replies (1)
RCM is applicable only when the security service is provided to a registered person. RCM on Security service is applicable only when the supplier of service is any person other than a body corporate. ... An LLP is considered as body corporate as per section 2(d) of Limited Liability Partnership Act, 2008.
Example : for Accounting treatment.
Example of Accounting treatment under GST
Professional service of Rs. 1,00,000/-from XYZ & Co.who is covered under RCM under sec 9(3):-
date on 10-7-2019
| Professional fee A/C Dr. | 1,00,000/-
|
|
| CGST – Input Tax RCM Dr. | 9000/- | |
| SGST – Input Tax RCM Dr. | 9000/- | |
| To CGST – Output Tax – RCM | 9000/- | |
| To SGST – Output tax – RCM | 9000/- | |
| To TDS on professional fee | 10000/- | |
| To XYZ & Co. | ||
On Payment – Dated 20/08/2019
| CGST – Output Tax – RCM Dr. | 9000/- | |
| SGST – OutputTax – RCM Dr | 9000/- | |
| To Bank | 18000/- | |
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