#RCM#inBusySoftwere की Entery कैसे करें और GST Expense Entery कैसे करें और Input Claim कैसे करे
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Implementing RCM in BUSY
Overview
Under GST Regime, you need to pay tax under RCM to the government if you have made a
purchase from an un-registered dealer. Basically, if you have purchased goods on which GST is
not charged then it is your (recipient’s) duty to deposit the tax to the government and later on
claim input tax credit for it. This has been done to decrease the degree of un-registered
purchases and to cover maximum number of people under GST net. With the implementation
of RCM, companies / organization would prefer to make purchases from registered dealers in
order to avoid payment of tax under RCM and later on claiming Input Tax Credit for the same.
Apart from unregistered purchases, there are some other cases also in which you need to pay
tax under RCM to the government. Various cases under which you are liable to pay tax under
RCM are:
1. Daily Consolidated un-registered purchases or expenses exceed Rs. 5000 or Compulsory
Services like lawyers and transporters.
2. Import of Services i.e. you have taken services from a foreign Company then also you
need to pay tax under RCM to the government.
3. Compulsory Services like that of lawyers and transporters whether taken from
registered or un-registered dealer.
We will discuss these three cases in detail now:
Consolidate un-registered Daily Expenses greater than 5000
If your company’s consolidated daily expenses from un-registered dealer are greater than Rs.
5000 then you need to pay RCM to the government. For example, you have purchased office
stationery and groceries from un-registered dealer amounting to Rs. 6000 on 2nd July 2017 then
you need to deposit RCM payable amount for 2nd July. On 3rd July you have made expense of
Rs. 2000 on office stationery from un-registered dealer then you need not to pay RCM as the
total expense in less than Rs. 5000.
Later on when you will file return then you can claim the tax paid under RCM as Input Tax
Credit. So basically the amount of tax deposited by you under RCM shall be refunded as Input
Tax Credit. However there are certain exception to this i.e. no Input Tax Credit will be given on
certain expenses like Food & Beverages, Cab Rentals, Club & Health Membership Fees and s
Import of Services
If you have taken services from a company which is outside the Indian Territory then also you
need to pay tax under RCM to the government and can later on claim Input Tax Credit for it.
For example, you have taken Server Hosting Space from a Company in USA then you need to
pay tax under RCM to the government.
Compulsory Services
There are certain compulsory services like that of transporters and lawyers in which it is
compulsory to deposit RCM whether you have taken services from registered or un-registered
dealer. For example, you have paid transportation charges to a registered dealer then in this
case also, you need to deposit RCM to the government.
Till now we have discussed about RCM and various cases under which tax is paid under RCM to
the government. Now, we will discuss the implementation of RCM in BUSY.
Implementation of RCM in BUSY
To implement RCM in BUSY, you need to perform the following steps:
Step 1: Specify RCM applicability and Input Type for Expense account in Account master.
Step 2: Enter Payment voucher and specify GST nature.
Step 3: View daily consolidated RCM payable and post Journal voucher for the RCM payable.
We will now discuss these steps in detail.
Step 1: Specify RCM applicability and specify Input Type for Expense Account
In Account master, add new expense account or modify existing expense account and specify
the RCM, Input Type and Tax Category.
Given here is a screenshot of Account master window for Indirect expense; showing RCM, Input