📌unlock The Secrets Of Rcm Journal Entries With Reverse Charge Mechanism

📌unlock The Secrets Of Rcm Journal Entries With Reverse Charge Mechanism #shorts #shortfeed @cadeveshthakur
Reverse Charge Mechanism (RCM) Journal Entries @cadeveshthakur #gst #rcm #reversecharge
The Reverse Charge Mechanism (RCM) in GST is a provision where the recipient of goods or services is liable to pay GST instead of the supplier. Here is a breakdown of how RCM works and its implications on GST returns and Input Tax Credit (ITC):
Index
00:00 to 00:21 RCM Concept
00:22 to 00:38 RCM Journal Entry
00:39 to 00:58 RCM Journal Entry
1. How RCM Works:
o Under normal circumstances, the supplier of goods or services is responsible for collecting and remitting GST to the government.
o In RCM, this responsibility is reversed. The buyer or recipient pays the GST directly to the government.
o This mechanism is primarily applied to certain notified goods and services, supplies from unregistered dealers to registered dealers, and import of services.
2. RCM Liability in GST Returns:
o The recipient must self-invoice for the purchases made under RCM.
o The GST paid under RCM is reported in Table 3.1(d) of GSTR-3B.
o For intra-state purchases, CGST and SGST are paid under RCM, and for inter-state purchases, IGST is paid.
3. RCM ITC:
o The recipient can claim ITC on the GST amount paid under RCM.
o The ITC can be availed in the same month in which the RCM liability is disclosed and paid.
o However, the goods or services on which GST was paid under RCM must be used or intended to be used for business purposes to be eligible for ITC
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Last waali entry baaki reh gyi...Cash ledger ya bank se payment ki.

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Dear Mint,
Thank you for your valuable feedback. However, due to paucity of time in shorts, video upto 60 sec can be uploaded. You can refer the below link for the last entry.
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