Respected Sir,
Please explain if we pay RCM if 5% on transport charges and avail input on the same,
how should we pass the journal entry in our books of accounts.
*Credit*: GST Payable (CGST/SGST/IGST) (5% of transport charges) -
*Credit*: Cash/Bank (Total amount paid, including GST) - *Input Tax Credit*: -
*Debit*: GST Payable (CGST/SGST/IGST) -
*RCM Payment*: - *Debit*: Transportation Expenses ₹95 -
*Debit*: Input Tax Credit (ITC) ₹5 -
*Input Tax Credit*: - *Debit*: GST Payable ₹5 -
CAclubindia
