Amit Kumar Singh (Article Assistant) (37 Points)
15 February 2014SERVICE BILL(EXCLUSIVE OF SERVICE TAX) RS 1,00,000, RATE OF SERVICE TAX 12.36%, TDS RATE 10%.
I) What would be the journal entry to be passed in the books of service receiver & service provider. Assume 1). input credit of service tax is availabele for service receiver 2) input credit of service tax is not available for service receiver
II) Assume service falls under partial reverse charge scheme where the ratio is 50% each for service receiver & service payer.
Please guide
Thank You
CA. Kuldeep Singhi
(Entrepreneur)
(424 Points)
Replied 17 February 2014
I)1) Where CENVAT Available
Service Provider
Party Dr. 102360
TDS Rec. Dr.10000
To ST Payable 12360
To Income 100000
Service Receiver
Expense 100000
Cenvat 12360
To TDS Payable 10000
To Party 102360
I)2) Where CENVAT not available
Service Provider
Party Dr. 102360
TDS Rec. Dr.10000
To ST Payable 12360
To Income 100000
Service Receiver
Expense 112360
To TDS Payable 10000
To Party 102360
II)1) Where CENVAT Available (Reverse Charge)
Service Provider
Party Dr. 96180
TDS Rec. Dr.10000
To ST Payable 6180
To Income 100000
Service Receiver
Expense 100000
Cenvat 12360
To TDS Payable 10000
To Party 96180
To ST Payable 6180
II)2) Where CENVAT not available (Reverse Charge)
Service Provider
Party Dr. 96180
TDS Rec. Dr.10000
To ST Payable 6180
To Income 100000
Service Receiver
Expense 112360
To TDS Payable 10000
To Party 96180
To ST Payable 6180
CA. Kuldeep Singhi
(Entrepreneur)
(424 Points)
Replied 17 February 2014
I)1) Where CENVAT Available
Service Provider
Party Dr. 102360
TDS Rec. Dr.10000
To ST Payable 12360
To Income 100000
Service Receiver
Expense 100000
Cenvat 12360
To TDS Payable 10000
To Party 102360
I)2) Where CENVAT not available
Service Provider
Party Dr. 102360
TDS Rec. Dr.10000
To ST Payable 12360
To Income 100000
Service Receiver
Expense 112360
To TDS Payable 10000
To Party 102360
II)1) Where CENVAT Available (Reverse Charge)
Service Provider
Party Dr. 96180
TDS Rec. Dr.10000
To ST Payable 6180
To Income 100000
Service Receiver
Expense 100000
Cenvat 12360
To TDS Payable 10000
To Party 96180
To ST Payable 6180
II)2) Where CENVAT not available (Reverse Charge)
Service Provider
Party Dr. 96180
TDS Rec. Dr.10000
To ST Payable 6180
To Income 100000
Service Receiver
Expense 112360
To TDS Payable 10000
To Party 96180
To ST Payable 6180
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