Hi,
what is the entry for service reverse charge?
is this payment charged to revenue?? i.e debited to profit and loss account?
thanking you
7 Replies
VIKASH KUMAR JAIN
(Audit Executive)
(711 Points)
Replied 05 November 2013
Hi
Entry of Reverse Charge.
Say Security services received @ Rs. 100000.So service tax @ 12.36%=12360.Now liability of SR is 75%.i.e. Rs.9270 inclusive of cess.
Entry
CENVAT CREDiT Dr. 12360
Security Service Dr. 100000
To TDS @ 1% 1030.90. (Assuming ind.)
VIKASH KUMAR JAIN
(Audit Executive)
(711 Points)
Replied 05 November 2013
Contd.
To Party. 102059.1
To ST payable 9270
Thanks.
shivaji
(job)
(424 Points)
Replied 06 November 2013
Hi Is it correct to take CENVAT Cridt for reverse charges? i need clarification thanking you
Prasad
(Sr. Manager)
(617 Points)
Replied 06 November 2013
if you are eligible for taking credit on the type of service, you can definately take input credit. please ensure that you take input credit after making the service tax payment
shivaji
(job)
(424 Points)
Replied 06 November 2013
Hello,
is it after abatment value or on full value of serivce
thanking you
VIKASH KUMAR JAIN
(Audit Executive)
(711 Points)
Replied 07 November 2013
Input Credit should be taken by SR on full value as given in above entry.
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