What is the entry for bank charges for cheque returned Rs.140/- including GST ?
GST rates charged by Bank ?
19 Replies
Abhishek
(Staff)
(34 Points)
Replied 01 September 2017
Bank Charges A/c Dr.
To Bank A/c
(Being bank charges incurred)
Because you are not able to get the input tax credit of GST as per GST Act, 2017.
CA Rashmi Gandhi
(Chartered Accountant)
(86461 Points)
Replied 01 September 2017
You can claim ITC of GST paid on bank charges if same is charged in current account.
Murugesan
(Asst. Manager - Finance)
(180 Points)
Replied 02 September 2017
apart from the current account? like escrow account and cash credit account?
Pankaj Jakhar
(47 Points)
Replied 02 September 2017
if you pay bank charges through current account the gst credit can claim
entry will be-
bank charges (exclude gst ) a/c dr
gst a/c dr
To bank a/c
any expenses paid for business purpose and gst paid on then can claim gst credit
entry will be-
bank charges (exclude gst ) a/c dr
gst a/c dr
To bank a/c
any expenses paid for business purpose and gst paid on then can claim gst credit
CA Rashmi Gandhi
(Chartered Accountant)
(86461 Points)
Replied 02 September 2017
ITC available for CC & escrow account also
NAVNEET MANDOWARA
(Accounting & Investments)
(100 Points)
Replied 03 September 2017
Yes eligible but your GSTIN should be in records of your bank account statement.
CA Rashmi Gandhi
(Chartered Accountant)
(86461 Points)
Replied 03 September 2017
Not to show in GSTR-1. Same is auto populated in GSTR-2. If not then you can feed it online in GSTR-2.
Yogesh
(Accountancy)
(258 Points)
Replied 03 September 2017
will the bank show in the bank statement
CA Rashmi Gandhi
(Chartered Accountant)
(86461 Points)
Replied 03 September 2017
Less idea. You have to check it.
NAVNEET MANDOWARA
(Accounting & Investments)
(100 Points)
Replied 03 September 2017
the bank is show your GSTIN on the bank statement, and it is eligible to take the ITC on bank charges. In addition if u have aproach the bank and get the details of bank charges from bank [if they were given] like bank charges+cgst+sgst then it is also eligible to take ITC
prasad
(EMPLOYEES)
(315 Points)
Replied 04 September 2017
but where to shown gst charge in bank statement
NAVNEET MANDOWARA
(Accounting & Investments)
(100 Points)
Replied 04 September 2017
they show bank charges including gst,
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