tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 January 2011
what would be the entry for service tax receiving & paying and for cst &vat also
07 January 2011
Basic things regarding entries are as follows-
1. Service Tax Input Credit
Expenses account(Basic Amount)
Service Tax Recoverable A/c Dr
Ed.Cess on Service Tax Recoverable Dr
S&H Ed. Cess on Service Tax Rec. Dr
To Vendor account
Service Tax Payable-
Debtors Account dr
TO Income account
to Service Tax Payable
To Edu. Cess Payable
to S&H Cess Payable
Further this service tax payable can be paid either in cash/bank or by utilising service tax credit in first entry in the following manner
Service tax payable account dr
to cash/bank/service tax recoverable
2. In case of CST we can not claim credit
and practically included in the cost of goods purchased
In case of sale of goods to other state
CST payable is credited and remain as a liability in the books until payment.
3. Vat Input account is debited on purchase of goods from Registered dealer i.e Goods account dr
Vat Input account dr
to Vendor
and Vat Payable is credited on supply of goods to dealer in same state.
and same can be adjusted from Vat Input credit account .
I hope the query is resolved now.
1. Service Tax Input Credit
Expenses account(Basic Amount)
Service Tax Recoverable A/c Dr
Ed.Cess on Service Tax Recoverable Dr
S&H Ed. Cess on Service Tax Rec. Dr
To Vendor account
Service Tax Payable-
Debtors Account dr
TO Income account
to Service Tax Payable
To Edu. Cess Payable
to S&H Cess Payable
Further this service tax payable can be paid either in cash/bank or by utilising service tax credit in first entry in the following manner
Service tax payable account dr
to cash/bank/service tax recoverable
2. In case of CST we can not claim credit
and practically included in the cost of goods purchased
In case of sale of goods to other state
CST payable is credited and remain as a liability in the books until payment.
3. Vat Input account is debited on purchase of goods from Registered dealer i.e Goods account dr
Vat Input account dr
to Vendor
and Vat Payable is credited on supply of goods to dealer in same state.
and same can be adjusted from Vat Input credit account .
I hope the query is resolved now.
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