Journal entry

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2012 Dear Sir,
Plz advice me what will be the journal entry if I will pay the service tax amount of service provider as per following details :-

Party :- security guard service provider
Amt :- 44900+ service tax 5549.64 = 50450 net amount

Is this entry right ?

Security chgs ..Dr. 50450
Tds ….Cr. 1009
Security provide…..Cr. 49441

plz sugest me how will treat of service tax amount which will pay by me.

CA C.JANANI

CA C.JANANI (Expert)

11 October 2012 The entry will be,

Security charges A/c Dr 50450
To TDS payable A/c Cr 1009
To Service Provider A/c Cr 49441

On payment,

Service provider A/c Dr 49441
To bank 49441

TDS payable will be a liability to be remitted in books.

Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2012 dear sir,
what will be the entry of Service tax amount 5550/- when i will pay this.

CA C.JANANI

CA C.JANANI (Expert)

11 October 2012 The service tax is to be paid by the service provider and not you. The amount has been paid by you already to the service provider.

Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2012 DEAR SIR,
PERHAPS SOME AMENDMEND IN SERVICE TAX SO SERVICE TAX SHOULD BE PAID BY ME . BEFOR THIS MONTH I PASS THE JOURNAL ENTRY LIKE THIS TYPE :-

SECURITY EXP. ...DR 44900/-
SERVICE TAX RECEIVED ....DR 5550/-
TDS......CR 1009/-
SERVICE PROVIDE...CR 49441/-

CA Amit Rajput

CA Amit Rajput (Expert)

11 October 2012 Security Charges Exps. A/C Dr. 44900
Service tax Receivable A/C Dr. 5550
To Tds Payable A/C 1009
To Service provider a/C 49441

And

Service provider A/C Dr 49441
To Bank A/C 49441

Querist : Anonymous

Querist : Anonymous (Querist)

11 October 2012 amit sir,
i want to know wat will be the entry when i paid the service tax .(100% service tax payable by service receiver) as per notification no. 30/2012-st dtd. 20.06.12 wef 01.07.2012.

Querist : Anonymous

Querist : Anonymous (Querist)