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Journal entry

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 June 2015
When we take can cenvat credit of supply of manpower whom should we can give credit & whom should debit.

What will be journal entry?

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Jayant Bothra

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Jayant Bothra (Expert)
25 June 2015 Dear,

You must be aware that the service of Manpower is covered under Reverse Charge Mechanism and from 01-04-2015 100% amount is payable by the corporate if the services are provided by individual, HUF etc.

Now, I assume the Corporate is now passing the entry in its book on accounts. i assume that the invoice received from individual manpower provider is of Rs. 10.000/- SO teh entry will be-

Manpower Exp A/c Dr. 10000
Input Credit Receivable Dr. 1400
To Individual manpower provider Cr. 10,000
To Service Tax payable Cr. 1400

Once you pay the service tax amount you can then book the input credit and the entry will be -

Input Service Tax Dr. 1400
To Input Credit Receivable Cr. 1400

Thanks

CA JAYANT BOTHRA
Email: Ca.jayantbothra@gmail.com
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