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Reverse charge method if eligible how to pass entries in books of accounts - Service Tax

#1 Issue Id: - 4409
Dated: 23-7-2012
By:- KOTESWAR PS
Reverse charge method if eligible how to pass entries in books of accounts

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we are service based company & service received Companay  , we are eligible for revese charge method, below i given some exmples for accouting kinldy check and let me know is it correct or  not

At the time of purchase.........Purchase a/c Dr Rs.100/-

                                               Service tax12.36% input a/c Dr Rs.12.36/-

                                                           To Vendor a/c 112.36/-

 Reverse Charge Method  for ex 50%

 Vendor a/c Rs.6.18/-

          To Service Tax Reverse Charge Input a/c Rs.6.18/-

 At the time of taken input

    Service Tax Reverse Charge Input a/c Rs.6.18/-

                       To Service Tax 12.36% Input a/c Rs.6.18/-

Posts / Replies

 

#2 Dated: 2-8-2012
By:- vasudevan unnikrishnan

The Reverse charge and the rates to be shared for the 12 services has been enlisted in the notification no 30/2012. Pl. note that there are conditions also that for some sevices,if provided to 'body corporates' by non corporate agencies  only are to be shared .

However,the cenvat credit can be availed if the availed services are eligible as 'input services'.as per Cenvat Credit Rule, 2004,

unnikrishnan v.


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