GST reverse charge
Ankush (Student) (1309 Points)
14 February 2019
Please share example for entry on reverse charge. What all ledgers are required to create in tally?
Aman Kumar
(Accounts Executive)
(744 Points)
Replied 14 February 2019
Purchase:
Purchase a/c Dr
Provisional ITC of CGST (under RCM)
Provisional ITC of SGST (under RCM)
To ABC Party a/c (For material purchase)
To CGST (under RCM) (For CGST)
To SGST (under RCM) (For SGST)
Availing ITC after fulfilling conditions:
ITC of CGST Dr
ITC of SGST Dr
To Provisional ITC of CGST (under RCM)
To Provisional ITC of SGST (under RCM)
prasad Nilugal
( GST Practitioner & Accounts )
(14165 Points)
Replied 14 February 2019
1st entry will be
1) Expense A/c Dr
To Sundry Creditors A/c Cr
( booking of expense payable on RCM )
2) Then create Reverse charge A/c under current asset
Reverse Charge A/c Dr
To CGST A/c Cr
To SGST A/c Cr
( Increase the liability of Tax )
3) CGST A/c Dr
SGST A/c Dr
To bank A/c Cr
( Payment of Tax )
4) CGST A/c Dr
SGST A/c Dr
To reverse charge A/c Cr
( Increase for input tax credit )
vikash dhanuka
(66 Points)
Replied 14 February 2019
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