what is the accounting treatment of service tax ?
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Answer / deepa
Once provider of taxable service is liable to pay tax, the
first responsibility is to get registered. An assessee
providing service from different premises but having a
centralized billing system has to get only one
registration. If assessee would like to issue bill from
each premises of service provided, then he is at obligation
to register each location and related jurisdictional
authority.
Is This Answer Correct ? | 6 Yes | 1 No |
Answer / k r jaya kumar
The service provider is liable to register under Service
Tax Rules and collect service tax at the presribed rates
from the customers by billing to the customer for the
service rendered. The service tax collected to be deposited
with Govt.(Service Tax Dept.) on a quaterly basis or
monthly basis depends on the constitution of the
firm/company.
Accounting treatment is value of service as per invoice is
to be credited to respective revenue account and service
tax as per invoice also has to be credited to service tax
payable account and corresponding debit has to be given to
Cash/Party account(if credit).
On payment of service tax , service tax payable account is
to be debited and cash to be credited.
Is This Answer Correct ? | 2 Yes | 1 No |
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