Reverse tax
This query is : Resolved
09 March 2014
pls guide for entry of rev st payment and can cenvat credit be availed.
10 March 2014
1. Expense recording
Expense A/c Dr
To Creditor
2. Service tax liability recording
CENVAT Credit (Input Service) Deferred Dr
To Service Tax Payable
3. Payment
Service Tax Payable A/c Dr
To Bank
4. Avail CENVAT Credit
CENVAT Credit (Input Service) A/c Dr
To CENVAT Credit (Input Service) Deferred
Expense A/c Dr
To Creditor
2. Service tax liability recording
CENVAT Credit (Input Service) Deferred Dr
To Service Tax Payable
3. Payment
Service Tax Payable A/c Dr
To Bank
4. Avail CENVAT Credit
CENVAT Credit (Input Service) A/c Dr
To CENVAT Credit (Input Service) Deferred
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