satish (Chief Mgr.Account & finance) (38 Points)
29 December 2020COTTON SEED PURCHASE FROM FARMERS FOR MANUFACTURING EXEMPT PRODUCT THEN RCM GST IF ANY AND HOW TO TREAT ACCOUNTING ENTRY WITH TAX IF ANY.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 29 December 2020
Rcm as you know the farmer charges you his tax on you. Rcm charges are defined by tax act and the entry must be simply purchases entry with gst entry ie Purchases debit and, tax debit and bank or payables credit.
satish
(Chief Mgr.Account & finance)
(38 Points)
Replied 30 December 2020
COTTON SEED GST @ 5% ITEM PURCHASE FROM FARMERS FOR MANUFACTURING FINAL PRODUCT EXEMPT GOODS SO WE HAVE TO PAY GST BY IN ANY WAY.
CAclubindia
