GST reverse charge
Ankush (Student) (1369 Points)
14 February 2019
Please share example for entry on reverse charge. What all ledgers are required to create in tally?
4 Replies
Aman Kumar
(Accounts Executive)
(744 Points)
Replied 14 February 2019
Purchase:
Purchase a/c Dr
Provisional ITC of CGST (under RCM)
Provisional ITC of SGST (under RCM)
To ABC Party a/c (For material purchase)
To CGST (under RCM) (For CGST)
To SGST (under RCM) (For SGST)
Availing ITC after fulfilling conditions:
ITC of CGST Dr
ITC of SGST Dr
To Provisional ITC of CGST (under RCM)
To Provisional ITC of SGST (under RCM)
prasad Nilugal
( GST Practitioner & Accounts )
(14846 Points)
Replied 14 February 2019
1st entry will be
1) Expense A/c Dr
To Sundry Creditors A/c Cr
( booking of expense payable on RCM )
2) Then create Reverse charge A/c under current asset
Reverse Charge A/c Dr
To CGST A/c Cr
To SGST A/c Cr
( Increase the liability of Tax )
3) CGST A/c Dr
SGST A/c Dr
To bank A/c Cr
( Payment of Tax )
4) CGST A/c Dr
SGST A/c Dr
To reverse charge A/c Cr
( Increase for input tax credit )
vikash dhanuka
(66 Points)
Replied 14 February 2019
expense a/c dr
CGST rcm dr
sgst rcm a/c dr
To creditors a/c
Tocgst rcm payable
to sgst rcm payable
CGST rcm dr
sgst rcm a/c dr
To creditors a/c
Tocgst rcm payable
to sgst rcm payable
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