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
- 14448 Views
- I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
I am an employee in a IT Company. While filling out the form it prompts to fill - Details of Tax deducted at source from Salary (as per form16) and then it again prompts to fill - Details of Advance tax and Self Assessment Tax. if i fill both the columns, i get end result as 2 times of Tax i paid and a refund.
i am new to this tax system if you don't mine "please help me"
Pl give the abstract details of Karnataka VAT Payment procedure, rebating, returns filing in connection of manufacture, distributer & retailer.
how to get input credit in vat & service tax
ON WOODEN FURNITURE EXCISE IS APPLICABLE OR NOT ?
WCT charged on firm or on proprietor?
I am working as account in one of the logistics company for one year. I would like to know about service tax and how can I post necessary entries
I am working at Himachal Pradesh, let me know cant i adjust entry tax in vat? if no then why or yes, please exlain.
how to pass service tax reverse charge entry pass in books
i wanna p.y tax assistant exam question paper Please send this as earlier as.
WHAT WOULD BE THE RATE OF DEPRECIATION OF RAILWAY SIDING AT STRAIGHT LINE METHOD UNDER COMPANIES ACT?
due date for issue of C form, if c form is not issue what will be the consequences
we issued the H form for the 1st quarter 2014-15 but in the 2A we posted the wrong TIN no of party and H form is also contains the wrong TIN No.if anybody know the correct procedure for correction of H Form kindly tell us.
In one year how many times tds, service tax, and Mvat is paid?
what is excise
