Service Tax under RCM Method
This query is : Resolved
21 June 2016
How much service tax to be changed in the bill in case of RCM method applicable? Also please explain how will be the entry in Tally?
21 June 2016
its according to the services , and for entry if you are eligible to take cenvat then you dr, the cenvat credit a/c
otherwise you can debit the same exp. head for you received the bill. or service tax paid on exp(RCM)
otherwise you can debit the same exp. head for you received the bill. or service tax paid on exp(RCM)
21 June 2016
Sir, Thanxs for reply but got confused.
We are contractor and provide service to Company. We are raising bill of Rs 500000/- plus Service Tax @ 15% on 40% of Bill ...i.e. Rs 30,000/- Also we are paying service tax after adjustment of cenvat credit. please tell me how bill to be booked
Dr Company 530000
Cr Contract A/c 500000
21 June 2016
Sir, Thanxs for reply but got confused.
We are contractor and provide service to Company. We are raising bill of Rs 500000/- plus Service Tax @ 15% on 40% of Bill ...i.e. Rs 30,000/- Also we are paying service tax after adjustment of cenvat credit. please tell me how bill to be booked
Dr Company 530000
Cr Contract A/c 500000
Cr Service Tax 30000
21 June 2016
or only 50% of ST i.e. 15000/- to be booked?
22 June 2016
party a.c
to servcie recd
to service tax payable
service tax payable
to cenvat a/.c
to bank a/c
to servcie recd
to service tax payable
service tax payable
to cenvat a/.c
to bank a/c
24 June 2016
WHEN YOU RECEIVE SERVICE TAX, YOU HAVE TO CREDIT SERVICE TAX. AT THE TIME OF PAYMENT OF SERVICE TAX TO THE SERVICE PROVIDER DEBIT SERVICE TAX ACCOUNT. THE NET AMOUNT YOU HAVE TO DEPOSIT IN THE CREDITED OF CENTRAL GOVERNEMENT AND SUBMIT RETURN ACCORDINGLY.
IN THE SAME MANNER WHEN YOU PAY SERVICE TAX TO THE SERVICE PROVIDE
IN THE SAME MANNER WHEN YOU PAY SERVICE TAX TO THE SERVICE PROVIDE
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