Please Help: service tax
Posted Date : 14-Jul-2011 , 09:29:41 pm | Posted By: Anil
Category :
Service Tax | Answers :
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Comments :
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i want to know that how to make service tax entry and full knowledge about service tax. |
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Answers:
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 Answer by: CA Richa Gupta |
| when u r paying service tax then u vl calim credit for that payment if ur company somhow pays ST.
Ex:
Telephone bill details:
usage charges 450rs.
service tax 20rs
entry vl be:
telphone exp Dr. 470
to Bank A/c 450
To Service tax Payable A/c 20
similarly entry vl be reversed at the tym of paymnt of ST.
Wat u want to knw futher......
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| Answer by: PRIYANKA |
| Yes I would agree with vipin jee and anita jee that to gain full knowledge of service tax read the books, but still i would like to tell you about the service tax entries..If u fall within the service tax ambit and are charging service tax on the bills raised to the clients the entry would be Bank a/c dr. and credit service tax charged to service tax payable account and rest to your reciepts A/c, and then at the time of payment of the same to govt. the entry would be : debit service tax payable A/c and credit Bank A/c. This was the entry for service tax charged by you from clients . Now entry for the service tax paid by you to others on some input services recieved would be: at the time of incurring expense for that particular service: Dr. Input service Tax or Service tax recievabe A/c with the amount of servce tax paid, Dr. the particular Expense A/c with the balance amount and cr. the Bank Account with gross amount of that expense inclusive of service tax. but entry in regard of input service recieved in this way would be passed only if you will avail credit of the same with your output service tax...i.e., if u do not fall within the ambit of service tax, and do not have to avail the credit of service tax paid by you on services recieved by you, then the expense will be booked as it is under respective expense a/c without its breakup under service tax A/c and that particular expense A/c....i knw it is difficult to explain each n everything here but still i hope that u must have got some help at least if u will carefully read the above lines.
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| Answer by: CA VIKAS JAIN |
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| Comments |
| Posted By : CA VIPIN GARG |
16-Jul-2011, 09:52:16 |
| I am sorry to say that i am not at all agree with entry passed in the example given by Ms. Richa because as far as i concern the entry should be :-
Telephone Expenses Dr. 450
Service tax receivable A/c 20
To Bank A/c 470
But my dear if you want to have full knowledge about the service tax you have to read service tax act and take practical knowledge as said by Ms. Anita Arora Ji...
Hope you will find your answer my dear, have a nice day........... |
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| Posted By : Anjali Arora |
15-Jul-2011, 04:53:02 |
| If you want to take full knowledge then read service tax boos and take practical knowledge, not possible here. |
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