Service tax reverse charges

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job
424 Points Joined July 2007

Hi,

what is the entry for service reverse charge?

is this payment charged to revenue?? i.e debited to profit and loss account?

thanking you

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On 05 November 2013 at 06:47 Report
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Audit Executive
711 Points Joined August 2013
Hi Entry of Reverse Charge. Say Security services received @ Rs. 100000.So service tax @ 12.36%=12360.Now liability of SR is 75%.i.e. Rs.9270 inclusive of cess. Entry CENVAT CREDiT Dr. 12360 Security Service Dr. 100000 To TDS @ 1% 1030.90. (Assuming ind.)
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On 05 November 2013 at 08:14
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Audit Executive
711 Points Joined August 2013
Contd. To Party. 102059.1 To ST payable 9270 Thanks.
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On 05 November 2013 at 08:18
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Accountant.
834 Points Joined May 2008

THANKS

 

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On 05 November 2013 at 17:01
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job
424 Points Joined July 2007

Hi Is it correct to take CENVAT Cridt for reverse charges? i need clarification thanking you

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On 06 November 2013 at 12:58
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Sr. Manager
617 Points Joined April 2011

if you are eligible for taking credit on the type of service, you can definately take input credit. please ensure that you take input credit after making the service tax payment

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On 06 November 2013 at 18:02
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job
424 Points Joined July 2007

Hello,

is it after abatment  value or on full value of serivce

 

thanking you

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On 06 November 2013 at 19:04
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Audit Executive
711 Points Joined August 2013
Input Credit should be taken by SR on full value as given in above entry.
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On 07 November 2013 at 00:24


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