What will be the service tax in half payment received in adv
This query is : Resolved
15 March 2014
if company raise an invoice and received 50% of payment in advance then what will be the service tax should pay on the next due date by the company is it half service tax or service tax on whole amount of the invoice and what will be the journal entry when book the invoice in tally.
please reply with appropriate example.
thanks in advance
please reply with appropriate example.
thanks in advance
15 March 2014
Eg:
Invoice amount : Rs.10000
Service tax : Rs. 1236
Total Invoice : Rs.11236
Received amount : Rs.5618
Entry in tally:
while raising invoice:
Dr : ABC& co : 11236
Cr : Service tax payable : Rs.1236
Cr : Income : Rs.10000
Reciept for Rs.5618
Dr : Bank Rs.5618
Cr.: ABC&co : Rs.5618
payment of service tax:
Dr: Service tax payable : Rs.1236
Cr: Bank : Rs.1236
Thus the balance o/s from ABC & Co:Rs.5618
Invoice amount : Rs.10000
Service tax : Rs. 1236
Total Invoice : Rs.11236
Received amount : Rs.5618
Entry in tally:
while raising invoice:
Dr : ABC& co : 11236
Cr : Service tax payable : Rs.1236
Cr : Income : Rs.10000
Reciept for Rs.5618
Dr : Bank Rs.5618
Cr.: ABC&co : Rs.5618
payment of service tax:
Dr: Service tax payable : Rs.1236
Cr: Bank : Rs.1236
Thus the balance o/s from ABC & Co:Rs.5618
16 March 2014
Thanku so much sir........
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