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Discussion > Service Tax > Queries >

Journal entries for Cenvat credit on Service tax

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[ Scorecard : 87]
Posted On 15 March 2008 at 15:32 Report Abuse

Hi

Expenses for next 3 years = Rs 3000 + 371(ST-12.36%) = 3371 (Bill amt)

TDS dedt @ 10.30% = Rs 347 and Paid to Govt on following month.

The payment of Rs 3024 (3371-347) to be payable in 36 monthly installment for three years.i.e Rs 3024/36=Rs 84 pm

Please send the journal entries for service tax Rs 371 availed and utilised for three different years and how the expenses can be book in these three years. because it is no a prepaid exp, how tds will be tds dedt entry can be pass?.

Email: vishwa_desai @ gmail.com


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Shyam Lal Naik
Service


[ Scorecard : 5832]
Posted On 15 March 2008 at 17:44

The cenvat credit can be availed only on full payment.  It will be prudent to keep the Cenvat Ctedit in an intermidiate account. eg.

Debit Expense A/c. (Pre tax amount)

Debit Cenvat Suspense(Service Tax)

Cdedit Party A/c (Gross Amount)

 

On full payment(ie after 3 years)

Debit Cenvat Availed A/c

Credit Cenvat Suspense

 

 





Ravi Jagetiya(CA Final)
Articled assistant


[ Scorecard : 191]
Posted On 17 March 2008 at 14:53

credit to party by the amount excluding TDS.

 Another option is that give credit to party by net amount( Transaction value-TDS) and create liability for deposite of TDS.

TDS liabiltiy will be nullified at the time of payment thereof.

 

I am agreed with the balance part of shyam's answer.

Good shyam




(Guest)
Posted On 10 May 2008 at 16:11

Being a mfg co we pay freight against transport of our final product to the branches on stock transfer basis, We pay service tax on freight to the Govt considering abatement thru GAR7, Can we availed cenvat credit of the same although such freight is not on a input service.Secondly some GTA charge Service Tax in their bill, evn then we are liable to pay service tax to the Govt.




(Guest)
Posted On 07 August 2008 at 17:07

I need the complete journal accounting proceedure on Excise means CENVAT. 




(Guest)
Posted On 23 September 2008 at 14:20

WE ARE PAYING SERVICE TAX ON RENT TO LANDLORD FOR OCMMERCIAL USE. WE ARE DOING C&F BUSINESS AND GETTING COMMISSION FROM PRINCIPLE. CAN WE TAKE CENVAT CREDIT OF ST PAID ON RENT FROM OUR ST PAYABLE AMOUNT ON COMMISSION. PLS GUIDE



(Guest)
Posted On 03 October 2008 at 11:33

dear sir

Iwant to Know about Service Tax Entries  How to made service Tax Entries




Vishwa


[ Scorecard : 87]
Posted On 03 October 2008 at 13:09

sales -                  debtors dr  224.72        to sales 200           to ser tax 12% rec 24.00 ; to edu cess2% - .60 ; to ecu cess- 1% - .12

-----------------------------------------------------------------------------------------------

sales receipts         bank dr - 224.72         to debtors     Rs 224.72  

--------------------------------------------------------------------------------------------

servtax  payable -     ser tax 12%  rec - 24    dr ;   edu cess 2% - .60   dr  ;      educ cess 1% - .12 dr

to ser tax12% payabl- 24  ; to edu cess 2% paya - .60 ; to educ cess-1% paya - 0.60

------------------------------------------------------------------------------------------------------------------

on payment - serv12% payable   dr - 12 , educ cess -2% - .60 and Edu cess 1% payable  dr - .12

to bank - 24.72

if cenvat credit availed and utilised


if cenvat credit availed on expenses - Rs 100

expenses dr 100 ; st 12%availed dr 12, ed2% availed dr.- 0.3, ed 1% availed   dr.- .06

to bank - 112.36

---------------------------------------------------------------------------------------------------------------

cenvat utilised and paid :

on payment - serv12% payable   dr - 12 , educ cess -2% - .30 and Edu cess 1% payable  dr - .06,

 to ST-12% availed -       ;  to Ed cess 2% availed -         ; to Ed cess 1% availed -                 To bank - 12.36

  (24.72 STpayable - 12.36 Cenvat STavailed = STpaid Rs 12.36)

 

 

 

 

 

 

 

 

 

 

 

 

 

Originally posted by :Guest

" dear sir
Iwant to Know about Service Tax Entries How to made service Tax Entries
"



(Guest)
Posted On 21 October 2008 at 12:57

Dear Sir,

We are paying service tax  on freight on sales thru abatement.

Please advise can we take service tax credit paid on freight.

Regards

 

 

 




Sharad Sanas
Article


[ Scorecard : 36]
Posted On 21 October 2008 at 16:23

Dear all

In revised cenvate credit rule - 6 can i get help on following points

1. under sub rule 3(1) & (2) if assessee is not maintaining seprate books   for taxable & nontaxable services application of formula ?????

2. what about op cenvate credit balance ????, is to be taken in formula or not for clalculating balances.



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