Accounting for service tax

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177 Points Joined November 2008

Dear all,

Mine is a stock broking firm. we pay service tax collected on brokerage by the clients. Plz provide  a procedure for accounting the service tax payment and service tax credit in the books of accounts.

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On 08 May 2009 at 14:24 Report
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at the time of receving service tax from ur clients:

Party Name Dr.

         To Income Cr.

          To Service Tax Payable Cr.

 

And at the time of payment of Service Tax thru bank or availing input credit:

Service Tax Payable Dr.

         Service Tax Receivalbe Cr.

          Bank Cr..

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On 08 May 2009 at 15:08


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