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Service tax on advance received.

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 June 2014 How to calculate service tax on advance received and pay to Government , and journal entry of advance received .
suppose total advance received =50,00,000
service tax payable amount=50,00,000*12.36/112.36 =5,50,018

Journal entry in the books of service provider

Bank A/c DR. 50,00,000
To Party A/ cr 44,49,982
To service tax payable 5,50,018
this procedure is correct or incorrect.please reply this question.
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CA PRAMOD SARAOGI

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CA PRAMOD SARAOGI (Expert)
28 June 2014 Bank Account DR 50 Lacs
To Party Account CR 50 Lacs
Party Account DR 550518
To Service Tax payable Account 550518

This method is absolutely correct
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