Service Tax on Down Payment
This query is : Resolved
05 May 2010
I want to know if service tax is to be paid when customer makes down payment. If yes, then how is it treated.(please provide journal entry if possible)
CMA Ramesh Krishnan
(Expert)
06 May 2010
Service tax on receipt basis only. if you are received the payment in advance also need to pay service tax. for making service tax please keep separate account
Dr: Serivice tax Advance payment A/c
Cr: Bank A/c
and further
you can adjust the same
while raising the invoice
Dr: Serivice tax Advance payment A/c
Cr: Bank A/c
and further
you can adjust the same
while raising the invoice
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