Reverse charge
This query is : Resolved
30 December 2015
Suppose a bill of Rs 10000 has been raised on us by a party which is inclusive of service tax say Rs 2000 and is covered under Reverse charge mechanism...what will be the accounting entries for the same.
01 January 2016
Dr: Expenses Rs.8000
Dr:Service tax - Input (RCM) Rs.2000 ( If taking input else add to expenses only)
Cr: Service tax payale (RCM) rS. 2000
Cr: Party A/c Rs. 8000
Dr:Service tax - Input (RCM) Rs.2000 ( If taking input else add to expenses only)
Cr: Service tax payale (RCM) rS. 2000
Cr: Party A/c Rs. 8000
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