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GST under reverse charge mechanism
I have to purchase from vendors who aren't registered under GST. I am liable to pay GST under RCM for these purchases, but how do i check the liability i have to pay when i am passing purchase entries in Tally.
Replies (2)
first you have to pay rcm....
entry would be just Luke below....
purchase account Dr. XXXX
CGST /CGST Input Dr.. XXXX
SGST Input. Dr.. XXXX
CGST /IGST RCM CR.. XXXX
SGST RCM. CR.. XXXX
pay rcm on the last day of current month so that you can avail input tax credit of the same in the next month
Creditor Ac. CR.. XXXX
entry would be just Luke below....
purchase account Dr. XXXX
CGST /CGST Input Dr.. XXXX
SGST Input. Dr.. XXXX
CGST /IGST RCM CR.. XXXX
SGST RCM. CR.. XXXX
pay rcm on the last day of current month so that you can avail input tax credit of the same in the next month
Creditor Ac. CR.. XXXX
first you have to pay rcm....
entry would be just Luke below....
purchase account Dr. XXXX
CGST /IGST Input Dr.. XXXX
SGST Input. Dr.. XXXX
CGST /IGST RCM CR.. XXXX
SGST RCM. CR.. XXXX
CREDITORS A/C CR. XXXX
pay rcm on the last day of current month so that you can avail input tax credit of the same in the next month
entry would be just Luke below....
purchase account Dr. XXXX
CGST /IGST Input Dr.. XXXX
SGST Input. Dr.. XXXX
CGST /IGST RCM CR.. XXXX
SGST RCM. CR.. XXXX
CREDITORS A/C CR. XXXX
pay rcm on the last day of current month so that you can avail input tax credit of the same in the next month
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