service tax
This query is : Resolved
shweta saxena
(Querist)
15 September 2010
in mercantile system how to make journal entry for service tax at the time of bill raised and during receipt
CMA Ramesh Krishnan
(Expert)
15 September 2010
In mercantile system, we can create two type of service tax ledgers
1. Service tax payable ( Interim)
2. Education cess payable (Interim)
3. S.H.E.Cess payable ( Interim)
these ledgers can be credited while raising invoice
Once received the payment from the party you can transfer the amount from this ledgers to the following ledgers
1. Service tax payable (Final)
2. Education cess payable (Final)
3. S.H.E.Cess payable (Final)
From this ledger you came to know the actual liability of service tax while making payment you can debit this ledger
1. Service tax payable ( Interim)
2. Education cess payable (Interim)
3. S.H.E.Cess payable ( Interim)
these ledgers can be credited while raising invoice
Once received the payment from the party you can transfer the amount from this ledgers to the following ledgers
1. Service tax payable (Final)
2. Education cess payable (Final)
3. S.H.E.Cess payable (Final)
From this ledger you came to know the actual liability of service tax while making payment you can debit this ledger
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