Reverse charge
This query is : Resolved
Ayushi Agarwal
(Querist)
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.
CMA Ramesh Krishnan
(Expert)
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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