RCM paid entry adjustment in books

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729 Points Posted on 01 February 2022
Dear Sir,

We have deposited the RCM please suggest which entry is suitable in books of account.

SGST out put Rs.12000 Dr.
CGST output Rs.12000 Dr.
IGST RCM available Input 24000 CR.

(2). IGST input 24000 Dr.
IGST RCM available Input 24000 CR.
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On 01 February 2022 at 17:25 Report
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Quick Summary
This discussion addresses the correct accounting entry for Reverse Charge Mechanism (RCM) payments. The user is seeking clarification on whether to debit SGST/CGST output and credit IGST RCM input, or debit IGST input and credit IGST RCM input. Expert advice suggests the former is suitable, with a recommendation to check ledgers after posting the entry.

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CFO- at NHTF
58280 Points Posted on 01 February 2022
Why the second entry is passed ?
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On 01 February 2022 at 19:59
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729 Points Posted on 01 February 2022
I am asking can I go for 1st entry or second entry.
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On 01 February 2022 at 22:25
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CFO- at NHTF
58280 Points Posted on 02 February 2022
You may go with 1st entry .Check the ledgers after passing the entry
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On 02 February 2022 at 19:25
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729 Points Posted on 03 February 2022
Thank you Eswar Sir,
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On 03 February 2022 at 21:20

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