Accounting entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 February 2016
What will be the accounting entry for service tax payable on reverse charge (full tax is to be paid by service recipient) considering CENVAT credit of swachh bharat cess not available.
1) Services provided by XYZ Co. of Rs. 10,000. Service tax rate 14% plus Swacch bharat cess 0.5%.
In this case i think swacch bharat cess will go to P&L A/c. Please guide.
1) Services provided by XYZ Co. of Rs. 10,000. Service tax rate 14% plus Swacch bharat cess 0.5%.
In this case i think swacch bharat cess will go to P&L A/c. Please guide.
05 February 2016
For service tax liability on reverse charge, entry will be:
CENVAT Receivable (Input Service) Dr
To Service Tax Payable
For Swachh Bharat Cess liability on reverse charge, entry will be:
Expense A/c Dr
To Swachh Bharat Cess Payable
CENVAT Receivable (Input Service) Dr
To Service Tax Payable
For Swachh Bharat Cess liability on reverse charge, entry will be:
Expense A/c Dr
To Swachh Bharat Cess Payable
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