service tax credit entry and utilization
This query is : Resolved
12 September 2009
Hi
I need info on correctness of entries and taking credit
(a) on receipt of invoice Dt. 28th Feb 09
Dr. Expense
dr. ST credit
Cr. creditor account
as of 31st march 09 this amount was not paid
(b) the above amount was paid on 25th april 09
Dr. Creditor account
cr. Bank
(c) at the time of filig quarterly ST return Credit amt for the Journal passed on 28th feb 09 was utilized and net paid
Is the above entry correct.
Thx
I need info on correctness of entries and taking credit
(a) on receipt of invoice Dt. 28th Feb 09
Dr. Expense
dr. ST credit
Cr. creditor account
as of 31st march 09 this amount was not paid
(b) the above amount was paid on 25th april 09
Dr. Creditor account
cr. Bank
(c) at the time of filig quarterly ST return Credit amt for the Journal passed on 28th feb 09 was utilized and net paid
Is the above entry correct.
Thx
12 September 2009
when you receive Bill
Dr. Expense
dr. ST receivable
Cr. creditor account
When you make payment to crediter after that
Dr service tax
to ST receivable
Dr. Expense
dr. ST receivable
Cr. creditor account
When you make payment to crediter after that
Dr service tax
to ST receivable
12 September 2009
pl correct my understanding
1. the recipt entry is correct
2. ST receivable being current asset will
remain in balance sheet as of 31st
march 09 since the amount was not paid
to take credit
3. when payment is made I have to pass
another entry reversing ST Receivable
Dr. Service tax
cr. Service tax receivable
4. the nature of service tax a/c is
expense account
1. the recipt entry is correct
2. ST receivable being current asset will
remain in balance sheet as of 31st
march 09 since the amount was not paid
to take credit
3. when payment is made I have to pass
another entry reversing ST Receivable
Dr. Service tax
cr. Service tax receivable
4. the nature of service tax a/c is
expense account
12 September 2009
No.4 Its not exps account its cenvat credit
which u will utilize.
which u will utilize.
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