What is the RCM entry in Tally?

Related What is the RCM entry in Tally?

RCM, or Reverse Charge Mechanism, is a system where the recipient of goods or services is responsible for paying the GST to the government instead of the supplier. This means that if your business receives goods or services that are subject to RCM, you will need to pay the GST on those purchases. However, you can also claim an Input Tax Credit (ITC) for the amount paid. TallyPrime makes it easy to record RCM purchases by automatically calculating the tax liability and ITC when you enter an RCM purchase entry.