Accounting of Service tax for input credit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 October 2010
Please help me how to account the below mentioned details.
Downloaded a software which is cost in $1000 on 5th Septmber 2010. Paid for this on 2nd October 2010 $1000*46.71= INR 46,710/-
For downloaded license the service receiver should pay service tax. How to account this entry. What are all the ledger to the created.
After making service tax pymt of downloaded license, can take input credit. how it can also be accounted so that input credit can be taken.
Downloaded a software which is cost in $1000 on 5th Septmber 2010. Paid for this on 2nd October 2010 $1000*46.71= INR 46,710/-
For downloaded license the service receiver should pay service tax. How to account this entry. What are all the ledger to the created.
After making service tax pymt of downloaded license, can take input credit. how it can also be accounted so that input credit can be taken.
ABHINAV AHUJA
(Expert)
16 October 2010
(1) Expense/Capital WIP A/c Dr
Cr Vendor
(on import/download)
(2) Service Tax Payable Dr
Cr Bank
(on payment of service tax on download)
(3) CENVAT Dr
Cr Service Tax Payable
(on taking credit of tax paid on input service)
Cr Vendor
(on import/download)
(2) Service Tax Payable Dr
Cr Bank
(on payment of service tax on download)
(3) CENVAT Dr
Cr Service Tax Payable
(on taking credit of tax paid on input service)
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