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Rcm interest

RCM 457 views 3 replies

SKumar

Manager

385 Points Joined September 2017

We availed GTA service in June 2018 for which RCM IGST @ 5% was due.

Output liability for same was omitted to be included in GSTR 3B of June 2018.

We declared this liability in GSTR3B of July 2018, claimed ITC and paid interest.

Please guide me on the journal entries for RCM tax, interest and claiming ITC.

Replies (3)

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

For Output :
Dr. Tax on GTA - Rs. XXX
Cr. Output IGST - Rs. XXX
**(You can add the output tax (RCM) to Your output Tax or You can carry with separate Ledger).

For Input :

Dr. IGST Input - Rs. XXX
Cr. Tax on GTA - Rs. XXX
(also follow above noted ***)

Interest can be pay separate as per our normal accounting entry / procedure. Bcoz, It's directly accounted expense head...