Service tax
This query is : Resolved
23 July 2013
what entry will be done in case of service tax reverse mechanism (staffing service provider).
where service provider pay 75% S.Tax & service receiver pay 25% S.Tax
where service provider pay 75% S.Tax & service receiver pay 25% S.Tax
23 July 2013
Dr: Expenses
Cr: Service tax payable(RCM) 75% only
Cr: TDS payable
Cr: Party ( bill amount less ST(RCM) less TDS
Cr: Service tax payable(RCM) 75% only
Cr: TDS payable
Cr: Party ( bill amount less ST(RCM) less TDS
24 July 2013
1) Dr.Expense A/c
Dr.Service tax input A/C(75%)
Cr.TDS payable A/C
Cr.To party A/C [total bill-tds]
(being staffing expences for monthxxx)
As and when you have paid to party ..you are under liability to discharge service tax under reverse charge ...for rest of 25%
with in 5th of next month in which you paid to party.
2) Dr.service tax input A/c[25%]
To bank A/c
(being reversecharge liability discharged)
Please note if it is manpower supply service provider is liable for 25% only and service receiver liability is 75%--you might have confused
Thanks & regards
Ganesh babu k
Dr.Service tax input A/C(75%)
Cr.TDS payable A/C
Cr.To party A/C [total bill-tds]
(being staffing expences for monthxxx)
As and when you have paid to party ..you are under liability to discharge service tax under reverse charge ...for rest of 25%
with in 5th of next month in which you paid to party.
2) Dr.service tax input A/c[25%]
To bank A/c
(being reversecharge liability discharged)
Please note if it is manpower supply service provider is liable for 25% only and service receiver liability is 75%--you might have confused
Thanks & regards
Ganesh babu k
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