Goods transport services

Tally Entries , if your company  paying Transport charges under  RCM  (12%)  and availing  ITC 

1)   Transport  Charges   A/c   Dr

      Trade Creditors        A/c    Cr

( Being  Transport charges payable under RCM )

2) Reverse Charge         A/c   Dr

   To CGST                   A/c   Cr

   To SGST                   A/c   Cr

(  Increase Tax liability under RCM )  

 In Tally ERP 9  -  ALT+J - Stat Adjustment

3)  CGST                    A/c   Dr

    SGST                     A/c   Dr

    To Bank                  A/c   Cr

( Payment of  Tax to GOVT  account under RCM  )

In Tally ERP9 - AlT+ S - Stat payment

4)  CGST                   A/c    Dr

    SGST                   A/c     Dr

   To  Reverse Charge     A/c        Cr

( entry to avail input tax credit under RCM 12% )

Tally ERP9 - ALT+J -STAT -adjustment

5) Trade Creditors          A/c       Dr

    To Bank                    A/c       Cr

( payment made to Transport company )

Note -  Reverse charge account  under  current asset , in Balance sheet  .  

In my opinion  you OPT  for 12% with RCM  instead of 5%  with no ITC   .

If you are paying under 5% RCM  with no ITC  , then  entry will be

1) Transport  Charges  A/c            Dr

   To Out Put CGST  RCM     A/c           Cr

   To Out put  SGST  RCM   A/c            Cr

   To Trade  Creditors            A/c           Cr    

(  Booking of  an expense and tax payable under RCM )

2) when you pay tax under RCM  entry will be

   Output CGST RCM     A/c      Dr

   Output SGST RCM     A/c      Dr

   To  Bank                    A/c             Cr

( payment under RCM )

3) Trade Creditors         A/c     Dr

    To Bank                   A/c    Cr

( payment to party for Transport charges )

Create separate  ledger  Output CGST RCM  A/c & Output  SGST RCM  A/c  under Duties & Taxes  , liability side

Balance sheet .