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
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 03 June 2015
Mention it under SERVICE RECEIVER section:
| B2.5 | Amount paid for services received from Non-Taxable Territory - Imports | ||||
gupta
(Accountant)
(305 Points)
Replied 15 June 2015
Dear Madam
I am still in confusion when I am furnishing ST-3 :-
1. I am showing B1.1 ( Value of Taxable Service & Service Tax payable ) -- 10,00,000/- .( Autometically B1.17 calculate the Payable of ST -- 120000/-
2.I am showing D1 ---- 120000/- ( As it is paid in Cash )
3. I am showing D2 ---- 120000/- ( Cenvat Credit -- Reverse charge mechanism )
Then utimetly result is comming 120000+120000= 240000/-as total tax paid.So is it not double counted ? Pls help me out how to show in ST-3.
Thanks
Jayanta
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 16 June 2015
but u need to show the value in B2.5 under service receiver (not in B1.1 in service provider)
CAclubindia
