Dear all,
Mine is a stock broking firm. we pay service tax collected on brokerage by the clients. Plz provide a procedure for accounting the service tax payment and service tax credit in the books of accounts.
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Accounting for service tax
Replies (1)
at the time of receving service tax from ur clients:
Party Name Dr.
To Income Cr.
To Service Tax Payable Cr.
And at the time of payment of Service Tax thru bank or availing input credit:
Service Tax Payable Dr.
Service Tax Receivalbe Cr.
Bank Cr..
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