Hi,
While depositing service tax under reverse charge, which accounting code is to be used? Specific service code or the general code i.e.1089?
Kindly revert
7 Replies
Uttam
(employee)
(814 Points)
Replied 23 April 2015
From July1 2012, one Accounting code head for every service has been notified. So these accounting codes are to be used to deposit service tax for respective services whether deposited by service provider or under reverse charge by service recipient.
https://www.servicetax.gov.in/circular/st-circular12/st-circ-165-2012.htm
Sonakshi Mangla
(Employee)
(310 Points)
Replied 23 April 2015
this one accounting code system was removed by the notification.
Venkatanarayana GM
(Partner associate at Hiregange & Associates)
(1279 Points)
Replied 23 April 2015
For accounting purpose, revenue is demanding to deposit in respective accounting heads.
Please do use respective accounting code.
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 23 April 2015
Accounting code has been restored and the same to be used even in case of Reverse charge case.
Sandeep Sood
(Superintendent)
(26 Points)
Replied 23 April 2015
Mr. Maheshwari is right. Accounting codes are different for every service. Service provider or recipient has to deposit s.tax in respective code.
Manoj Agarwal
(Service Tax Consultant Rourkela ServiceTaxExpert@yahoo.com)
(3456 Points)
Replied 24 April 2015
Use service specific accounting code, for example if you are liable to pay tax on works contract, use accounting code 00440410.
If you wrongly pay tax in any other accounting code, then also nothing to worry.
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