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Reply from SRINATHKODANDA on Aug 22 at 10:58 PM Hope we are discussing India Service Tax Rules. As i under=
stand as per service tax rules if the the Vendor is individual, proprietor =
or unregistered firm etc., with certain CAP amount of Turnover he/she doe=
s not required to be under the Service Tax Net, and without Service Tax reg=
istration, the vendor cannot charge service tax in his bills. Unless a dem=
and comes from the vendor for payment of tax, the service tax input credit=
will not arise. I request you to re-look into business scenario, and e=
laborate your question in detail. =20=0D=0A=0D=0Aservice dr 100/-=
=0D=0A> service tax credit dr 12.36 ( Balance sheet account assets side)=
=0D=0A> vendor cr- 107.42=0D=0A> service tax payable -cr 4.94( Balance shee=
t account current Liability side)=0D=0A=0D=0AIf you are sure about the entr=
ies to be posted in the above case. Post the transaction in FB01 or FB60 =
and by NOT clicking the "CALCULATE TAX"=0D=0Aand manually punch the tax am=
ount. Hope this will resolve your issue.=0D=0A=0D=0ARegards.=0D=0ASrinath
| | | ---------------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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