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Querist : Anonymous

Querist : Anonymous (Querist)

10 January 2011
What is the journal entries for service tax bill amount and receipt amount as per service tax ?

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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10 January 2011 Eg.
Suppose If U Provided any Service such as Professional Fees Rs. 10000
Service Tax @10.3% - 1030

& amt recd in cash
then entry is

cash account dr. 11030
to profesional fees (income) 10000
to service tax account (liablity for tax) 1030

and if u recd any bill then just reverse entry ans may take st credit if applicable