Here ia a sincere attempt to draw the accounting entries of Service tax. Please comment
For Input Service ( At the time of credit to party)
Expense Ac Dr
CEnvat Credit Recievable Ac Dr
To Party
(At the time of Payment)
Party Dr
to Bank
and
Cenvat Credit Utilisation Ac Dr
To Cenvat Credit Recievable Ac
Now for output Service
Party Dr
To Income
To Service tax Output Not Due Ac
At the time of recieving of Payment
Bank Ac Dr
To Party
and
Service tax outpur not due Dr
To Service tax Output Payable
At The Time of payment of Service tax
Service tax Output payable Dr
To Cenvat credit utilisation Ac
To Bank
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