cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
NEW Connect to DBS IDEAL direct bank feeds Click here
janealphonso
Level 1

Reverse input tax credit on purchase for indian gst compliance.

 
1 Comment 1
MichelleBh
Moderator

Reverse input tax credit on purchase for indian gst compliance.

You've come to the right place for answers, @janealphonso.

 

Entering reverse charge to your purchase input tax in QuickBooks Online is my top priority here. 
 

You'll want to edit the existing purchase in your account and enter any amount in the Reverse charge % field. Make sure that the GST is turned on in QuickBooks to accomplish the steps below. 

 

Here's how: 

  1. Go to the Sales tab, then choose Product and Services
  2. Double-click the exact purchase in the list. 
  3. Type any number in the Reverse charge % box. 
  4. Choose Save and close

 

After that, I'd recommend creating a sample Purchase bill to see how the reverse works. When you select the same item, the charges will calculate automatically. See the sample screenshot below for your reference. 

 

Check out these articles below to know how the reverse charge mechanism works and when it is applicable in GST Input Tax.

 

 

Drop me a line if I can do anything else for you. I'd love to help. I hope your day is great!