What is the entry for bank charges for cheque returned Rs.140/- including GST ?
GST rates charged by Bank ?
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Bank charges with gst
Replies (19)
Bank Charges A/c Dr.
To Bank A/c
(Being bank charges incurred)
Because you are not able to get the input tax credit of GST as per GST Act, 2017.
You can claim ITC of GST paid on bank charges if same is charged in current account.
apart from the current account? like escrow account and cash credit account?
if you pay bank charges through current account the gst credit can claim
entry will be-
bank charges (exclude gst ) a/c dr
gst a/c dr
To bank a/c
any expenses paid for business purpose and gst paid on then can claim gst credit
entry will be-
bank charges (exclude gst ) a/c dr
gst a/c dr
To bank a/c
any expenses paid for business purpose and gst paid on then can claim gst credit
yes for escrow and cc gst credit also available
ITC available for CC & escrow account also
where to show in GSTR 1
Yes eligible but your GSTIN should be in records of your bank account statement.
Not to show in GSTR-1. Same is auto populated in GSTR-2. If not then you can feed it online in GSTR-2.
will the bank show in the bank statement
Less idea. You have to check it.
the bank is show your GSTIN on the bank statement, and it is eligible to take the ITC on bank charges. In addition if u have aproach the bank and get the details of bank charges from bank [if they were given] like bank charges+cgst+sgst then it is also eligible to take ITC
but where to shown gst charge in bank statement
they show bank charges including gst,
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