Hi Friends,
How will we treat "Input service Tax" in Balance sheet?
Rajesh
(student)
(76 Points)
Replied 31 December 2010
Input service tax will be shown as current asset in the balance sheet.
Bijoy
(Working )
(127 Points)
Replied 31 December 2010
Eg:- Suppose Mr A. Provide professional service to Mr.B.
Please let me know what will be the entry for this if 'Input service tax' is entered
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 31 December 2010
In the Books of B
Expense dr
service Tax Receivable DR
Education Cess on service tax Receivable DR
Secondary education cess on service tax Receivable dr
To Creditor
on setting off Output Service i.e on availing cenvat
Dr Excise Duty/Service Tax Paid
To service Tax Receivable
To Education cess on Service Tax Receivable
To Secondary cess on service Tax Receivable
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