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Reverse Charge

RCM 293 views 6 replies
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145 Points Posted on 19 June 2018
Is there any obligation to show the reverse charge paid to be shown as expense in p&l...as we are claiming it as input credit...how is it possible
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On 19 June 2018 at 08:42 Report
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CA Job
98 Points Posted on 19 June 2018
no need to show in expense as you are claiming as credit
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On 19 June 2018 at 08:57
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145 Points Posted on 19 June 2018
so how is it possible to disclose we have paid Rverse charge....is it possible to show it on Gstr1
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On 19 June 2018 at 09:00
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Final Student of ICAI
1764 Points Posted on 19 June 2018
Tax paid on reverse charge to be accounted as follows

ITC-RCM A/c....Dr. (Grouped under current Assets)
To Bank A/c

On setting of with OTC that is output tax collection, transfer this ledger by crediting this ledger and debiting the other ledger.
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On 19 June 2018 at 09:36
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CA in service
727 Points Posted on 19 June 2018
You have to show as cgst or sgst liability......and pay accordingly.......
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On 19 June 2018 at 09:37
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Chartered Accountant
2195 Points Posted on 19 June 2018
U need to consider as asset
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On 19 June 2018 at 22:08
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7059 Points Posted on 04 August 2019
good clarification and information
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On 04 August 2019 at 14:57


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