Hi Friends,
How will we treat "Input service Tax" in Balance sheet?
Menu
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
Recent Threads
- Inverted Rate structure .
- Exemption to be climed
- GST TDS u/s 51 Applicability on RBI and it's subs
- Time allowed to buy another asset
- ITR not processed for the FY 2024-25
- Gift of money to my wife.
- Tax Audit If you show Loss
- GST Tax invoice Value Rs..234000
- Can I claim benefit under 54F if I sell my equity
- Income tax refund 25/26
Related Threads
CAclubindia
