Open nakul80 opened 2 months ago
As per recommended practice for RCM for Supplier invoice:-
Example of Accounting treatment under GST -- Professional service of Rs. 1,00,000/-from XYZ & Co.who is covered under RCM under sec 9(3):- Dated : 10/07/2019 Professional fee A/C Dr. 1,00,000/- CGST – Input Tax RCM Dr. 9000/- SGST – Input Tax RCM Dr. 9000/- To CGST – Output Tax – RCM 9000/- To SGST – Output tax – RCM 9000/- To TDS on professional fee 10000/- To XYZ & Co. 90000/- On Payment – Dated 20/08/2019 CGST – Output Tax – RCM Dr. 9000/- SGST – OutputTax – RCM Dr 9000/- To Bank 18000/- Read more at: https://taxguru.in/goods-and-service-tax/accounting-treatment-reverse-charge-mechanism-rcm-gst.html
Example of Accounting treatment under GST
--
Professional service of Rs. 1,00,000/-from XYZ & Co.who is covered under RCM under sec 9(3):-
Dated : 10/07/2019
Professional fee A/C Dr.
1,00,000/-
CGST – Input Tax RCM Dr.
9000/-
SGST – Input Tax RCM Dr.
To CGST – Output Tax – RCM
To SGST – Output tax – RCM
To TDS on professional fee
10000/-
To XYZ & Co.
90000/-
On Payment – Dated 20/08/2019
CGST – Output Tax – RCM Dr.
SGST – OutputTax – RCM Dr
To Bank
18000/-
Read more at: https://taxguru.in/goods-and-service-tax/accounting-treatment-reverse-charge-mechanism-rcm-gst.html
Is this possible as I only see options for RCM input in chart of accounts and automatic method on selecting RCM in invoice has the following effect:-
If I modify the Purchase tax template for RCM, will it affect my filing and other activities for GST that are built into the system?
No response
Huly®: IC-2619
We'll very soon update the accounting practice that you can have in place to match this accounts with GST
Is your feature request related to a problem? Please describe.
As per recommended practice for RCM for Supplier invoice:-
Is this possible as I only see options for RCM input in chart of accounts and automatic method on selecting RCM in invoice has the following effect:-
Describe the solution you'd like
If I modify the Purchase tax template for RCM, will it affect my filing and other activities for GST that are built into the system?
Describe alternatives you've considered
No response
Additional context
No response
Huly®: IC-2619