Record Purchase RCM Entry in GSTR-3B

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How to Record Purchase RCM Entry in GSTR-3B?

In this tutorial, we’ll learn how to record and report a Purchase RCM entry under GSTR-3B in Logic ERP. Let’s get started.

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Validate Account Configuration

• Navigate to Setup/Setup Accounts and the select Setup New Account and open the Freight Account.

  • Ensure that the Default Tax Percentage is correctly defined.

    • Here, the tax percentage is set to 18%.

• Next, open the CGST Input 9% RCM Account.

  • Verify that the Default Tax Percentage is set to 9%.

  • Make sure the Tax Type is selected as Input, so the system recognizes it as an input tax account under RCM.

• Similarly, open the SGST Input 9% RCM Account and confirm the same details.

• Now open the CGST Payable 9% RCM Account.

  • Ensure that the Default Tax Percentage is set to 9%, and the Tax Type is configured as Output.

• Finally, verify the same configuration in the SGST Payable 9% RCM Account.

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Record Purchase Journal Voucher

• Go to the Journal Purchase Module and create a Purchase Journal Voucher.

• Before proceeding, ensure that Reverse Charge is set to Yes in the voucher header.

Now, let’s record the entry:

• Enter the Supplier Invoice Amount of ₹1000.

  • Since this purchase falls under RCM, the buyer (you) is liable to pay GST directly to the government.

• Add Freight Charges of ₹1000 as part of the purchase cost.

• Record CGST Input 9% RCM and SGST Input 9% RCM, ₹118 each, as Debits, representing the GST liability under RCM.

• Record CGST Payable 9% RCM and SGST Payable 9% RCM, ₹118 each, as Credits, representing the GST payable to the government.

Save the voucher once all entries are verified.

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Review GSTR-3B Details

• Navigate to the GST Returns Module.

• Select GSTR-3B as the return type.

• Specify the Return Period and click Generate.

The GSTR-3B Return will be generated successfully, reflecting:

• Taxable Value: ₹1000

• CGST: ₹118

• SGST: ₹118

• Under the Inward Supply (RCM) section.

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You have successfully recorded and reported a Purchase RCM entry under GSTR-3B in Logic ERP.