Service tax reverse charge accounts entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 March 2014
in the reverse charge mechanism how entry will be passed.
please tell me in detail.
Thanking you,
please tell me in detail.
Thanking you,
18 March 2014
1. At the time of receipt of invoice
Expense A/c Dr
To Vendor
2. Recording of service tax liability
CENVAT Credit Input Service (Deferred)
To Service Tax Payable
3. Payment of service tax
Service Tax Payable A/c Dr
To Bank
4. Avail CENVAT Credit
CENVAT Credit Input Service Dr
To CENVAT Credit Input Service (Deferred)
Expense A/c Dr
To Vendor
2. Recording of service tax liability
CENVAT Credit Input Service (Deferred)
To Service Tax Payable
3. Payment of service tax
Service Tax Payable A/c Dr
To Bank
4. Avail CENVAT Credit
CENVAT Credit Input Service Dr
To CENVAT Credit Input Service (Deferred)
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