Ledger Question:
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Explain Journal & payment for entries service tax credit?
Answer:
When we are making a payment for services which include service tax, Then entry will be
1. Paid to Port trust for haulage, tipping, sidding etc charges including Service Tax
Party A/c ( Port Services) Dr. 100000
Service tax Credit A/c Dr. 12360
To Bank A/c 12360
2.When making any payment of service tax after availing Servcie Tax Credit
Service Tax A/c Dr. 15000
To Service tax Credit a/c 12360
To Bank A/c 2640
3.When we receive refund
Bank A/c Dr. 12360
To Srevice Tax Credit A/c 12360
1. Paid to Port trust for haulage, tipping, sidding etc charges including Service Tax
Party A/c ( Port Services) Dr. 100000
Service tax Credit A/c Dr. 12360
To Bank A/c 12360
2.When making any payment of service tax after availing Servcie Tax Credit
Service Tax A/c Dr. 15000
To Service tax Credit a/c 12360
To Bank A/c 2640
3.When we receive refund
Bank A/c Dr. 12360
To Srevice Tax Credit A/c 12360
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