what is the accounting treatment of service tax ?

Question Posted / simplicity_rahul

2 Answers
7211 Views
I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

what is the accounting treatment of service tax ? ..

Answer / deepa

Once provider of taxable service is liable to pay tax, the
first responsibility is to get registered. An assessee
providing service from different premises but having a
centralized billing system has to get only one
registration. If assessee would like to issue bill from
each premises of service provided, then he is at obligation
to register each location and related jurisdictional
authority.

Is This Answer Correct ?

6 Yes

1 No

what is the accounting treatment of service tax ? ..

Answer / k r jaya kumar

The service provider is liable to register under Service
Tax Rules and collect service tax at the presribed rates
from the customers by billing to the customer for the
service rendered. The service tax collected to be deposited
with Govt.(Service Tax Dept.) on a quaterly basis or
monthly basis depends on the constitution of the
firm/company.
Accounting treatment is value of service as per invoice is
to be credited to respective revenue account and service
tax as per invoice also has to be credited to service tax
payable account and corresponding debit has to be given to
Cash/Party account(if credit).

On payment of service tax , service tax payable account is
to be debited and cash to be credited.

Is This Answer Correct ?

2 Yes

1 No

Post New Answer

More Banking Finance Interview Questions

What is 'primary deficit'?

0 Answers

Do Banks have reservation? If yes, what is the percentage?

0 Answers State Bank Of India SBI,

What do you mean by interest coverage ratio? What does it indicate?

0 Answers

Describe the difference between being a manager and a leader and a follower?

0 Answers SEBI,

How are angel investors opposite to venture capitalists?

0 Answers State Bank Of India SBI,

What do you mean by term 'Loan Maturity' and 'Yield'?

0 Answers

What is the Abbrevation in ECSS an ERP Accounting?

1 Answers

why should be concered with in risk capital budgeting? is the standard deviation an adequate budgeting? is the stansard deviation an adequate measure of risk? Can you think of a better measure ?

0 Answers Wipro,

What are the responsibilities of bill collectors?

0 Answers

What is Repo?

9 Answers Karvy, Siemens,

What do you know about various Wildlife Sanctuaries.

0 Answers Nabard,

What is the full form of SLR and its meaning?

0 Answers IBPS,

For more Banking Finance Interview Questions Click Here