Service tax
Asha
(Querist) 23 December 2011
This query is : Resolved
Dear Sir,
We have registered Service Tax under "Repair & Maintenence" Category.
I am raising the Tax Incoices on monthly basis & take liability of Service Tax at the same time according to new rule.
I would like to know the service tax entry if I received 1 year advance. For instance, Amount given below :
One Year Advance : 86,292.00
Monthly S.Tax : 741.00
Regards
Asha.
B.Chakrapani Warrier
(Expert) 24 December 2011
If monthly service tax amount is Rs.741/-, the entry would be as follows:-
Bank Dr. 95184.00
To service fee 7191.00
" service tax 741.00
" advance service fee 79101.00
" advance service tax 8151.00
(Being one month's fee and tax booked towards income and tax collection and the rest eleven months respective figures are booked as advance assuming Rs. 86292.00 is exclusive of service tax and rate of tax is 10.30%)
