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Reply from AR_parab on Aug 20 at 3:37 AM Hi Sandeep
define new tax code in ftxp for service tax 7.2%, ECS 2% & SEC 1% for service tax credit
for service tax payable you have to create withholding tax type for invoice posting same as GTA.
In withholding tax code set Percentage subject to tax is 100 and the tax rate should be 4.8% for ECS 2% and SEC 1%
assign this EWTT in the vendor master
So when you enter invoice the accounting entry will be
service Exp a/c Dr
Service Tax a/c Dr (7.2% i.e. 60% of service exp)
ECS on ST a/c Dr
SEC on ST a/c Dr
To Vendor A/c
Service Tax a/c Dr
ECS on ST a/c Dr
SEC on ST a/c Dr
to Service Tax Payable A/c (4.8% i.e 40% of Service exp)
To ECS on ST Payable a/c
To SEC on ST payable a/c
I hope this will help you
| | | ---------------Original Message---------------
From: Sandeep Jain
Sent: Thursday, July 05, 2012 1:36 AM
Subject: Service Tax Configuration
Dear friends,
As per new service tax law:
60% of service tax will be credited to vendor and 40% will payable by
company direct to the authorities and a credit of service tax will go to
the service tax credit gl.
Means if 12.36% is service tax
service dr 100/-
service tax credit dr 12.36 ( Balance sheet account assets side)
vendor cr- 107.42
service tax payable -cr 4.94( Balance sheet account current Liability side)
Please advise how to configure tax code, pricing for service po, and how to
make direct fi posting
--
With warm regards,
Sandeep Jain ( Choraria)
SAP Certified Associate |
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