Reverse charge mechanism
This query is : Resolved
03 March 2014
Hi.,
Can anyone explain me the Accounting Procedure for RCM as per Sec 68(2).
Can anyone explain me the Accounting Procedure for RCM as per Sec 68(2).
03 March 2014
1. Receipt of invoice
Expense A/c Dr
To Creditor
(Expense recorded)
CENVAT Credit Deferred (Input Service)
To Service Tax Payable
(Service tax liability recorded)
2. Payment of service tax
Service Tax Payable A/c Dr
To Bank
(Service tax liability discharged)
CENVAT Credit (Input Service) Dr
To CENVAT Credit Deferred (Input Service)
(CENVAT credit availed)
Expense A/c Dr
To Creditor
(Expense recorded)
CENVAT Credit Deferred (Input Service)
To Service Tax Payable
(Service tax liability recorded)
2. Payment of service tax
Service Tax Payable A/c Dr
To Bank
(Service tax liability discharged)
CENVAT Credit (Input Service) Dr
To CENVAT Credit Deferred (Input Service)
(CENVAT credit availed)
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