Accounting
Accounting Entries for Service Tax, VAT and TDS – Journal Entries
Jan
Accounting Entries for Service Tax, VAT and TDS . Big organizations are involved in number of transactions happening everyday. These transactions must be recorded in efficient manner since they effect the business results in the long run and accordingly they must portray the exact activity happened on that particular day with corresponding amounts involved.
Accounting Entries for Service Tax, VAT and TDS
So, following entries will be passed at happening of various events.
Accounting Entries For Service Tax
Entries for transactions involving service tax are as followed :-
At the time of rendering/provision of services
Debtor Dr.
To Revenue
To Service Tax Output
At the time receipt of services
Expenses Dr.
Service Tax Input Dr.
To Creditors
When adjustment is to be made
Service Tax Output Dr.
To Service Tax Input
To Service Tax Payable
At the time of payment
Service Tax Payable Dr.
To Cash/Bank
Accounting Entries for VAT
Entries for transactions involving VAT are as followed :-
At the time of Purchase
Purchase Dr.
VAT Input Dr.
To Creditors
At the time Sale
Debtors Dr.
To Sales
To Vat Output
When adjustment is to be made
VAT Output Dr.
To VAT Input
To VAT Payable
At the time of payment
VAT Payable Dr
To Cash/Bank
Accounting Entries for TDS
Entries for transactions involving TDS are as followed :-
When Expenses are recorded
Expenses Dr.
To Party
To TDS Payable
At the time of payment of above amount to Govt
TDS Payable Dr.
To Cash/Bank
When income is recorded/booked
Party Dr.
TDS deducted Dr.
To Revenue
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If you have any query regarding “Accounting Entries for Service Tax, VAT and TDS ” then please tell us via below comment box….
i have some dougt, i have paid my service tax laibility pertaining to f y 2017-18 in the year of f y 18-19 with penality,what is the accounting treatment for the above transaction.
HOW I WOULD HAVE TO MAKE ENTRY OF A COMMISION NOTE OBTAINED FROM COMPANY
Hello Sir.
i have query in services tax entry. My friend start a new Pvt ltd company before 5 month he raised one services invoice without services tax because company don’t have services tax number.
so, my question is how to do entry in tally. & it required services tax number for pvt ltd company
Dear Sir I want to know that how to take credit on service tax and how much percentage.
Dear sir ,
I have some doubts , I get one professional bill Rs 100000/- ther service tax included and I have to deduct tds also . pls…. tell me sir how to entry on Tally erp , what ledger should open on Tally, let me know.
Dear sir ,
I have some doubts , I get one professional bill Rs40000/- ther service tax included and I have to deduct tds also . pls…. tell me sir how to entry on Tally erp , what ledger should open on Tally, let me know.
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Thanks vikash dwibedi