Sayed Nabil (385 Points)
09 August 2021
Amit Maity
(63 Points)
Replied 09 August 2021
Tax Officer
(49 Points)
Replied 10 August 2021
Amit Maity
(63 Points)
Replied 10 August 2021
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 10 August 2021
Tally Entries , if your company paying Transport charges under RCM (12%) and availing ITC
1) Transport Charges A/c Dr
Trade Creditors A/c Cr
( Being Transport charges payable under RCM )
2) Reverse Charge A/c Dr
To CGST A/c Cr
To SGST A/c Cr
( Increase Tax liability under RCM )
In Tally ERP 9 - ALT+J - Stat Adjustment
3) CGST A/c Dr
SGST A/c Dr
To Bank A/c Cr
( Payment of Tax to GOVT account under RCM )
In Tally ERP9 - AlT+ S - Stat payment
4) CGST A/c Dr
SGST A/c Dr
To Reverse Charge A/c Cr
( entry to avail input tax credit under RCM 12% )
Tally ERP9 - ALT+J -STAT -adjustment
5) Trade Creditors A/c Dr
To Bank A/c Cr
( payment made to Transport company )
Note - Reverse charge account under current asset , in Balance sheet .
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 10 August 2021
In my opinion you OPT for 12% with RCM instead of 5% with no ITC .
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 10 August 2021
If you are paying under 5% RCM with no ITC , then entry will be
1) Transport Charges A/c Dr
To Out Put CGST RCM A/c Cr
To Out put SGST RCM A/c Cr
To Trade Creditors A/c Cr
( Booking of an expense and tax payable under RCM )
2) when you pay tax under RCM entry will be
Output CGST RCM A/c Dr
Output SGST RCM A/c Dr
To Bank A/c Cr
( payment under RCM )
3) Trade Creditors A/c Dr
To Bank A/c Cr
( payment to party for Transport charges )
Create separate ledger Output CGST RCM A/c & Output SGST RCM A/c under Duties & Taxes , liability side
Balance sheet .
CAclubindia
