Reverse charge entry in tally

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Trainee CMA
241 Points Posted on 13 August 2023
Hi am paying transporting charges inward for which reverse charge @ 5 % is applicable. Please let me know jounal entries to be made in tally
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On 13 August 2023 at 23:16 Report
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Quick Summary
This discussion explains how to handle reverse charge GST on inward transport supplies within Tally. It provides guidance on the necessary journal entries to ensure accurate accounting for RCM. The focus is specifically on RCM for inward supplies, not sales, and clarifies that RCM is a mechanism rather than a defined section under any specific Act.

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CFO- at NHTF
58280 Points Posted on 13 August 2023
Transport Charges A/c Dr
To Transporter

Transporter A/c Dr
To Bank

GST under RCM A/c
To Bank
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On 13 August 2023 at 23:31
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Profession
28271 Points Posted on 14 August 2023
Gst under rcm to be separately charged.
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On 14 August 2023 at 09:39
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CFO- at NHTF
58280 Points Posted on 14 August 2023
Query is about RCM on inward supply and not about sale
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On 14 August 2023 at 10:32
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Profession
28271 Points Posted on 16 August 2023
Rcm does not define under any ACT.
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On 16 August 2023 at 12:04

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