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

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