Hi Friends,
How will we treat "Input service Tax" in Balance sheet?
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input Service Tax
Replies (3)
Input service tax will be shown as current asset in the balance sheet.
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
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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