Service Tax accounting Treatement
This query is : Resolved
22 November 2007
Ima CA Student Anand Babu M hereby requesting you to clarify the doubt reg.Service Tax Accounting Treatment.
1.Entry for Service Tax when Invoice raised ?
2. Entry for Receipt when Debtor make Payment ?
3.Under what a/c head Service Tax receivable from debtor when Invoice Raised
4.Entry for Service Tax Payment made
5.how con we recognise the service revenue in respect of service rendered ? and does service Tax include in Service Revenue ?
1.Entry for Service Tax when Invoice raised ?
2. Entry for Receipt when Debtor make Payment ?
3.Under what a/c head Service Tax receivable from debtor when Invoice Raised
4.Entry for Service Tax Payment made
5.how con we recognise the service revenue in respect of service rendered ? and does service Tax include in Service Revenue ?
22 November 2007
I am hereby requesting you to reply as early as possible
22 November 2007
When Service Tax is invoiced, the account to credit is " Service Tax Payable ". ie., Debtor account debited with the whole value of the transaction and Sales and Service Tax parts are credited respectively.
The account is classified as Current Liability for grouping of accounts.
When the tax is paid, the payable is accounted is debited and thus squarred off.
There is no separate entry for receipt of service tax because the debtor account is totally debited at the time of invoicing and totally credited when the payment is received.
The account is classified as Current Liability for grouping of accounts.
When the tax is paid, the payable is accounted is debited and thus squarred off.
There is no separate entry for receipt of service tax because the debtor account is totally debited at the time of invoicing and totally credited when the payment is received.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
CAclubindia
