WHAT IS THE COMPLETE ACCOUNTING PROCEDURES OF SERVICE TAX?
WWHAT IS ITS ACCOUNTING TREATMENTS & HOW INPUT CREDIT WILL
BE TAKEN & HOW IT WILL BE ADJUSTED AGST OUTPUT SERVICE TAX?
PLS SUGGEST ME?
- 1 Answers
- 14435 Views
- I also Faced
- E-Mail Answers
Answer / kanchi thakkar
service tax is payable only when it is realised in cash.
thus a journal entry that a service provider will book for
sales will be;
debtor dr
to sales
to service tax collectable.
& when he gets the money the entry would be
cash dr
service tax collectable dr
to debtor a/c
to service tax payable.
service tax input is service tax paid by the service
provider for sum service which he has enjoyed from other
service products(eg-service tax on telephone bill for the
office).whereas service tax output is the service tax which
he has collected from his customers.
thus service tax output is his liability & service tax
input his asset.
thus while paying his service tax dues he will have to pay
only net liability i.e. service tax output-service tax
input.
inshort he can claim the set-off
| Is This Answer Correct ? | 33 Yes | 5 No |
What are direct taxes
What will be general entry for VAT or Sales Tax paid to government in cash for an Financial year?
if i use CST@12.5% for a registered dealer then i use surcharge @5% on CST@12.5%. it is right or wrong? plz suggest me
What is means by Central Excise ? How to calculate Central Excise ? Central Excise form No. is ?
WHAT IS DEFERRED TAX LIABILITIES.AND WITH EXMPLE DEFERRED TAX ACCOUNTING?
In an E1 trasaction, if the dealer fails to get the E1form from his supplier& submit it to the Sales Tax Authority, then how much will be the expected penalty from Sales Tax department, if the local tax of those item is 14.5%? Please Note: Dealer has submitted all other documents to sales tax including customer Cform expect E1 form. Kindly give us the valuable answer with the supporting CST circular number.
One c form issued by the ETO was found misplaced.Kindly advise the procedure for reissuing .
Need of Bank Reconciliation to a company
If suppose we wrongly deduct the TDS on professional fees then what to do?
Can we bill to party at Delhi and ship material to Hyderabad.My company is in gujarat.If Yes.Road permit issued by Hyderabad party on who's name and who will give C form.etc.
What is the limite of deducted of WCT & how we fill the return in Haryana
WHAT WE DO FOR SERVICE TAX IF A PURCHASER RAISE A DEBIT NOTE FOR OUR SERVICE BILL. PLEASAE EXPALAIN THE PROCEDURE WITH EXAMPLES
Audit 
