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Reply from DD_guest on Aug 21 at 1:37 AM Hi,
Any suggestion for posting an entry given below. In this scenario, the service provider has not charged us service tax. Hence he just gives an invoice of Rs. 100. Though we will pay him full Rs. 100, the expense is split into exps and input credit. The amount of service tax input is calculated on the invoice amount , i.e Rs. 100. Assuming this is a case of works contract where we have to discharge 50% liability :
Exps A/c Dr. 93.82
Ser. tax a/c dr 6.00 ( this is 12% of Rs.100, 50% liability = 6)
Edu cess dr 0.12
HSEC cess dr 0.06
To Vendor a/c 100
Regards,
| | | ---------------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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