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Recognition of service tax collected as income

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(Querist)
07 May 2012 Recognition of service tax collected from clients as income in the financial statements is in accordance with accounting standards?
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CA Nikhil Jhanwar

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CA Nikhil Jhanwar (Expert)
07 May 2012 No service tax is no your income and even then how you can recognise it as income since you have to pay the same to government. You have to record service tax in a separate account.
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CA Venkatprasad Pasupuleti

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CA Venkatprasad Pasupuleti (Querist)
08 May 2012 Thanks for reply
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