Can anybody help me out what will be accounting entries on ST reverse charge mechanism :-
Example :- We have paid ST for Rs.120000/-( including sercharges) on the bill of our consultant ( who is a foreigner - that why we are paying ST on his behalf according to ST rules ) and we will take credit the input of the same amount.
And how to show it in ST-3
Regards
Jayanta
service provider A/c Dr 106800
Input service tax A/c Dr 14000
To Bank A/c 120000
Thanks & Regard
Vineet Kumar
E-mail Vineet.singh @ kppmca.in
Dear Vijay
Then how Cenvat Credit Receivable will be square up. It is not a asset.Simply you have paid ST and taken Credit the same.
Am I write.
Pls advice
Jayanta
Dear Mr. Vineet Kumar
Then how the service provider account square up ? They will not give any payment.
Pls advice.
Regards
Jayanta
CAclubindia
