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Treatment of service tax

Rohan Adhalakha (Finance Executive ) (53 Points)

24 March 2010

Service tax is treated as an asset or liability when it comes on the debit side of the ledger account

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3 Replies

Ravi chandra (Student) (22 Points)
Replied 25 March 2010

If service tax comes on debit side of ledger a/c - Input s.t - treated as Asset

If service tax comes on credit side of ledger a/c-Output s.t-treated as Liability

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Sachin (Chartered Accountant) (419 Points)
Replied 25 March 2010

Answer of Ravi is correct. Write me any query related to Service Tax. my email id is sachinagarwalcallb @ gmail.com

Rohan Adhalakha (Finance Executive ) (53 Points)
Replied 26 March 2010

Hi Sahin and Ravi. Thanks for your reply and help. I am trying to clear some of my concepts and get more clarity on the same. While searching and visiting various sites I have come across https://www.simple-abc.com\. Here the accounting concepts are explained in a simple manner.