Treatment of accounting entries under rcm

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Accountant
85 Points Joined October 2012

Dear All,

 

As per gst council's 22nd meeting, now RCM under GST has been suspended till 31st march 2018, now how we gonna purchase them what about tax laibility and how we gonna treat it's accoutning in company's books, i m stuck anybody can help, if i purchase from unregistered dealer then what will be entire process of recording of accounting entries in books.

 

 

Thanks!

Ankur

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On 11 October 2017 at 15:20 Report
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127 Points Joined August 2017
As no rcm till March 2018 , u need not pay gst which means u will not have itc on gst paid under RCM,
procedure for purchase will remain traditional with no changes , in books of accounts entries will remain same .
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On 11 October 2017 at 15:59
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Accountant
85 Points Joined October 2012

@ AkhilDeep R:- netries will remian same like if we purchase from unregister then entrry will be

 

Purchase A/c--------Dr.

To party's A/c (unregistered)----------------Cr.

 

That's it

 
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On 11 October 2017 at 16:14
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127 Points Joined August 2017
agreed
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On 11 October 2017 at 16:17


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