accounting treatment for service tax

YOU SHOULD BOOKED ENTRY FOR SERVICE RECEIVED:-

SERVICE RECEIVED A/C .....DR.

SERVICE TAX A/C...................DR.

                     TO CASH/SERVICE PROVIDER'S A/C

AND FOR SERVICE PROVIDED:-

CASH/SERVICE RECEIVER'S A/C...................DR.

               TO SERVICE TAX A/C

               TO SERVICE PROVIDED A/C

LASTLY FIND THE BALANCES OF SERVICE TAX A/C WHICH SHOW THE AMOUNT OF SERVICE TAX  PAYABLE(IF BALANCE IS CREDIT) OR SERVICE TAX REFUNDABLE(I.E. ADJUSTABLE AS CENVET CREDIT)(IF BALANCE IS DEBIT).

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