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This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 January 2011
What is the journal entries for service tax bill amount and receipt amount as per service tax ?
What is the journal entries for service tax bill amount and receipt amount as per service tax ?
10 January 2011
Eg.
Suppose If U Provided any Service such as Professional Fees Rs. 10000
Service Tax @10.3% - 1030
& amt recd in cash
then entry is
cash account dr. 11030
to profesional fees (income) 10000
to service tax account (liablity for tax) 1030
and if u recd any bill then just reverse entry ans may take st credit if applicable
Suppose If U Provided any Service such as Professional Fees Rs. 10000
Service Tax @10.3% - 1030
& amt recd in cash
then entry is
cash account dr. 11030
to profesional fees (income) 10000
to service tax account (liablity for tax) 1030
and if u recd any bill then just reverse entry ans may take st credit if applicable
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