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Reverse Charge
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
Replies (6)
no need to show in expense as you are claiming as credit
so how is it possible to disclose we have paid Rverse charge....is it possible to show it on Gstr1
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.
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.
You have to show as cgst or sgst liability......and pay accordingly.......
U need to consider as asset
good clarification and information
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