Classification of expense

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

15 May 2012 In case of Service provider whether Service tax amount passes through the profit & loss a/c or not

If it is a P & L Item under which head it will be shown i.e.,under operating or administrative or other expenses

Amol S Joglekar

Amol S Joglekar (Expert)
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15 May 2012 For a service provider it is TRUSTEE function. Better if it is shown under liability. (Few people book the service at gross value [nclusive of service tax]. In that case they debit service tax paid a/c

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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15 May 2012 Dear Author,

If you are eligible for Cenvat Credit of Service tax paid then the amount of Service tax paid will be debited to "Cenvat Credit Receivable A/c" under Loans & Advances".

If you are not eligible for Credit then expense shall be booked at gross amount inclusive of Service tax under respective head of expense.

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