gupta (Accountant) (305 Points)
03 June 2015Can anybody help me out what will be accounting entries on ST reverse charge mechanism :-
Example :- We have paid ST for Rs.120000/-( including sercharges) on the bill of our consultant ( who is a foreigner - that why we are paying ST on his behalf according to ST rules ) and we will take credit the input of the same amount.
And how to show it in ST-3
Regards
Jayanta
vineet kumar
(Student CA IPC / IPCC)
(85 Points)
Replied 03 June 2015
service provider A/c Dr 106800
Input service tax A/c Dr 14000
To Bank A/c 120000
Thanks & Regard
Vineet Kumar
E-mail Vineet.singh @ kppmca.in
dig vijay
(ok)
(151 Points)
Replied 04 June 2015
gupta
(Accountant)
(305 Points)
Replied 03 July 2015
Dear Vijay
Then how Cenvat Credit Receivable will be square up. It is not a asset.Simply you have paid ST and taken Credit the same.
Am I write.
Pls advice
Jayanta
gupta
(Accountant)
(305 Points)
Replied 03 July 2015
Dear Mr. Vineet Kumar
Then how the service provider account square up ? They will not give any payment.
Pls advice.
Regards
Jayanta
CAclubindia
