Rakesh Kumar (B.Com ( H ) Pursuing CA Final ) (327 Points)
05 May 2009can any pls let me know the accounting treatment for service tax as an service provider and receiver on both cash and credit basis.
Rupesh Jha
(M.Com CA PhD* and MBA*)
(1116 Points)
Replied 05 May 2009
YOU SHOULD BOOKED ENTRY FOR SERVICE RECEIVED:-
SERVICE RECEIVED A/C .....DR.
SERVICE TAX A/C...................DR.
TO CASH/SERVICE PROVIDER'S A/C
AND FOR SERVICE PROVIDED:-
CASH/SERVICE RECEIVER'S A/C...................DR.
TO SERVICE TAX A/C
TO SERVICE PROVIDED A/C
LASTLY FIND THE BALANCES OF SERVICE TAX A/C WHICH SHOW THE AMOUNT OF SERVICE TAX PAYABLE(IF BALANCE IS CREDIT) OR SERVICE TAX REFUNDABLE(I.E. ADJUSTABLE AS CENVET CREDIT)(IF BALANCE IS DEBIT).
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