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RCM ENTRY AND RCM CREDIT ENTRY

Riddhi (CA) (21 Points)

04 September 2022

HELLO ,

I WANT TO KNOW ACCOUTING ENTRY FOR RCM AND ALSO ABOUT CREDIT ENTRY OF RCM IN TALLY .

CAN ANY ONE EXPLAIN ENTRY WHICH IS VERY USEFULL TO ME.

THANK YOU.

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prasad Nilugal ( GST Practitioner & Accounts ) (14809 Points)
Replied 04 September 2022

For example paying legal expenses under RCM
so first create ledgers
Input CGST RCM A/c
Input SGST RCM A/c
Output CGST RCM A/c
Output SGST RCM A/c

pass entry
Legal expenses A/c Dr
Input CGST RCM A/c Dr
Input SGST RCM A/c Dr
To Output CGST RCM A/c C
To Output SGST RCM A/c Cr
To Advocate/ Legal adviser
( legal expenses payable under RCM)

Payment entry
Output CGST RCM A/c Dr
Output SGST RCM A/c Dr
To Bank A/c Cr
( payment under RCM)

ITC entry
Input CGST A/c Dr
Input SGST A/c Dr
To Input RCM CGST A/c Cr
To input RCM SGST A/c Cr
( ITC under RCM)

Input tax credit under RCM is available only after payment of Tax .