CAN YOU PLS EXPLAIN TOTAL ACCOUNTING PROCEDURE OF ST ON GTA
kiran kumar (Executive) (28 Points)
18 July 2012CAN YOU PLS EXPLAIN TOTAL ACCOUNTING PROCEDURE OF ST ON GTA
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 19 July 2012
Though there is no exemption by the Department from st on GTA but in case of export of goods exemption will be available as refund of service tax.
Prateek Agarwal
(Sr. Executive - Finance & Accounts)
(1732 Points)
Replied 19 July 2012
Dear Kiran,
Make the following journal entry:- (Assuming GTA charges Rs 100 for freight)
Freight Charges Dr Rs 100
Service Tax Receivable Dr Rs 3.09
To GTA Rs 100
To Service Tax Payable Rs 3.09
CA Manikandan.A.V
(FINANCE & ACCOUNTS)
(789 Points)
Replied 20 July 2012
| Originally posted by : Prateek Agarwal | ||
 |
Dear Kiran, Make the following journal entry:- (Assuming GTA charges Rs 100 for freight) Freight Charges Dr Rs 100 Service Tax Receivable Dr Rs 3.09 To GTA Rs 100 To Service Tax Payable Rs 3.09 |
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If Service Tax is payable on outward freight for which credit is not available, that portion of service tax paid need to be shown as expense,
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