21 June 2016
Sir, Thanxs for reply but got confused.
We are contractor and provide service to Company. We are raising bill of Rs 500000/- plus Service Tax @ 15% on 40% of Bill ...i.e. Rs 30,000/- Also we are paying service tax after adjustment of cenvat credit. please tell me how bill to be booked
Dr Company 530000
Cr Contract A/c 500000
21 June 2016
Sir, Thanxs for reply but got confused.
We are contractor and provide service to Company. We are raising bill of Rs 500000/- plus Service Tax @ 15% on 40% of Bill ...i.e. Rs 30,000/- Also we are paying service tax after adjustment of cenvat credit. please tell me how bill to be booked
Dr Company 530000
Cr Contract A/c 500000
Cr Service Tax 30000
24 June 2016
WHEN YOU RECEIVE SERVICE TAX, YOU HAVE TO CREDIT SERVICE TAX. AT THE TIME OF PAYMENT OF SERVICE TAX TO THE SERVICE PROVIDER DEBIT SERVICE TAX ACCOUNT. THE NET AMOUNT YOU HAVE TO DEPOSIT IN THE CREDITED OF CENTRAL GOVERNEMENT AND SUBMIT RETURN ACCORDINGLY.
IN THE SAME MANNER WHEN YOU PAY SERVICE TAX TO THE SERVICE PROVIDE
CAclubindia
