Miss Riya (working) (27 Points)
30 March 20231. How to reverse RCM in GST when imported service are cancelled ?
2. how to reverse TDS deducted under 195 - 27Q ( service relates to fy21-22, credit note issued in Dec2022). Will this also attract any penalty?
3. Branch company in India is charging interest to its head office in foreign, how to record? Do we need invoice mandatory from them, or we can simply pass journal entry as expense for the same.
4. Is it mandatory to receive invoice, for above TDS deduction? (ref point 3)
SANGAMESWARAN.N
(Senior accountant)
(116 Points)
Replied 30 March 2023
1) if the RCM liability shown in previous 3b then in current 3b take in ITC or pass self credit note of the same . Ultimately you need to reduce the liability.
Miss Riya
(working)
(27 Points)
Replied 03 April 2023
My question was not that, we already have done this procedure. but in order of invoice cancellation what to do with RCM already deposited and ITC taken?
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