Journal entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 June 2016
What will be the journal entry if , service tax is payable for GTA under RCM, and the assessee is a SSI ? Is it right to charge to p&l account as service tax paid when the same is not used as input credit?
Vipin Garg
(Expert)
23 June 2016
You can directly charged it down to profit and loss account.
The Journal Entry for the same will be: -
Transportation Charges A/c Dr.
Reverse Charge on GTA (under profit and loss account) Dr.
To Reverse Charge Payable on GTA
To Sundry Creditor
The Journal Entry for the same will be: -
Transportation Charges A/c Dr.
Reverse Charge on GTA (under profit and loss account) Dr.
To Reverse Charge Payable on GTA
To Sundry Creditor
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