Journal entries of service tax
This query is : Resolved
Rohit Kaushik
(Querist)
11 March 2016
SIR/MAM,
I A WORKING IN A COMPANY WHICH DEALS IN TRADING OF GOODS. OUR COMPANY HAS NO SERVICE TAX LIABILITY IN GENERAL.
WHEN WE RECEIVE SERVICE FROM ADVERTISING AGENCY. THEY GIVES US INVOICE INCLUDING SERVICE TAX AND WE PASS THE ENTRY LIKE THIS
:
ADVERTISEMENT EXP DR. RS 102000
TDS PAYABLE CR. RS. 2000
SERVICE PROVIDER CR. RS. 100000
IS THIS CORRECT OR NOT, WE ARE NOT BOOKING SERVICE TAX RECEIVABLE. ????
I A WORKING IN A COMPANY WHICH DEALS IN TRADING OF GOODS. OUR COMPANY HAS NO SERVICE TAX LIABILITY IN GENERAL.
WHEN WE RECEIVE SERVICE FROM ADVERTISING AGENCY. THEY GIVES US INVOICE INCLUDING SERVICE TAX AND WE PASS THE ENTRY LIKE THIS
:
ADVERTISEMENT EXP DR. RS 102000
TDS PAYABLE CR. RS. 2000
SERVICE PROVIDER CR. RS. 100000
IS THIS CORRECT OR NOT, WE ARE NOT BOOKING SERVICE TAX RECEIVABLE. ????
11 March 2016
Yes.. when you are not eligible for credit you need expense it out
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