Various Accounting Entries For Service Tax ,TDS, VAT

Various Accounting Entries : Here we are providing various accounting entries for service tax,TDS,VAT.

Entries for transactions involving service tax are as followed :-

At the time of rendering/provision of services

Debtor Dr.
To Revenue
To Service Tax Output

At the time receipt of services

Expenses Dr.
Service Tax Input Dr.
To Creditors

When adjustment is to be made

Service Tax Output Dr.
To Service Tax Input
To Service Tax Payable

At the time of payment

Service Tax Payable Dr.
To Cash/Bank

Accounting Entries for VAT

Entries for transactions involving VAT are as followed :-

At the time of Purchase

Purchase Dr.
VAT Input Dr.
To Creditors

At the time Sale

Debtors Dr.
To Sales
To Vat Output

When adjustment is to be made

VAT Output Dr.
To VAT Input
To VAT Payable

At the time of payment

VAT Payable Dr
To Cash/Bank

Accounting Entries for TDS

Entries for transactions involving TDS are as followed :-

When Expenses are recorded

Expenses Dr.
To Party
To TDS Payable

At the time of payment of above amount to Govt

TDS Payable Dr.
To Cash/Bank

When income is recorded/booked

Party Dr.
TDS deducted Dr.
To Revenue

Recommended Read :

Accounting standard summary notes

DS Rawat accounting standard summary notes

Various types of audit under companies act

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Various Accounting Entries

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