07 July 2017
what is the accouting treatment for Input tax Credit in case of Reverse Charge & also when we pay Gst on reverse charge if the supplier is an unregistered dealer
07 July 2017
When you buy it from unregistered dealer...... RCM to be paid shall be deducted from the amount payable to the said unregistered dealer. 1. purchse debit purchase credit supplier....say 10,000 2 payment debit supplier 10000 credit bank 8800 credit recovered gst on RCM. 1200.....assuming 12% rate of gst 3.payment of rcm gst debit gst paid on rcm 1200 credit bank 1200
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