Work contract service
This query is : Resolved
10 June 2015
dear sir
i would like know some entries of service tax to maintain a account.....................
i would like know some entries of service tax to maintain a account.....................
10 June 2015
Accounting Entries :
For example, the service recipient should pay 40% to the service provider and should pay remaining 60% to the service tax authorities directly.
1.Entry in the books of Service Provider:-
Service Receiver a/c .....Dr.
To Sales A/c
To Service tax payable(40%) A/c
2.Entry in the books of Service Receiver:-
Service Received a/c Dr
Service Tax Credit(40%) Dr
E-Cess Credit a/c Dr
SHEC Credit a/c Dr
Service tax recoverable a/c(60%) Dr
E-Cess Recoverable a/c Dr
SHEC Recoverable a/c Dr
To Service Provider a/c
To Service Tax Payable(60%)
To E-Cess Payable
To SHEC payable
For example, the service recipient should pay 40% to the service provider and should pay remaining 60% to the service tax authorities directly.
1.Entry in the books of Service Provider:-
Service Receiver a/c .....Dr.
To Sales A/c
To Service tax payable(40%) A/c
2.Entry in the books of Service Receiver:-
Service Received a/c Dr
Service Tax Credit(40%) Dr
E-Cess Credit a/c Dr
SHEC Credit a/c Dr
Service tax recoverable a/c(60%) Dr
E-Cess Recoverable a/c Dr
SHEC Recoverable a/c Dr
To Service Provider a/c
To Service Tax Payable(60%)
To E-Cess Payable
To SHEC payable
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