How do we pass RCM Liability and ITC entries in Tally ERP9 6.50
Kindly assist
J. E for reverse charge
1) Expense A/c Dr
Sundry creditors Cr
( being expense payable on reverse charge )
2) Reverse Charge A/c Dr
To CGST A/c Cr
To SGST A/c Cr
( Increase tax 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
( Being ITC entry pass to claim ITC )
note - reverse charge account under current asset
For ITC
Out put CGST A/c Dr
Out put SGST A/c Dr
Out put IGST A/c Dr
To Input SGST A/c Cr
To Input CGST A/c Cr
To Input IGST A/c Cr
To CGST payable Cr
To SGST payable Cr
To IGST payable Cr
( Tax payable after adjusting ITC )
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