Accounting Entries for Service Tax, VAT and TDS – Journal Entries

These deals should be recorded in effective manner considering that they effect the service results in the long run and appropriately they should depict the specific activity occurred on that particular day with corresponding amounts involved.

Accounting Entries For Service Tax VAT And TDS.jpg

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Accounting Entries for Service Tax, BARREL and TDS

So, following entries will be passed at occurring of various occasions.

Accounting Entries For Service Tax

Entries for transactions including service tax are as followed:–LRB-

At the time of rendering/provision of services

Debtor Dr.
To Profits
To Service Tax Output

At the time invoice of services

Expenses Dr.
Service Tax Input Dr.
To Financial Institutions

When change 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 BARREL are as followed:–LRB-

At the time of Purchase

Purchase Dr.
VAT Input Dr.
To Lenders

At the time Sale

Debtors Dr.
To Sales
To Vat Output

When change is to be made

VAT Output Dr.
To VAT Input
To BARREL Payable

At the time of payment

BARREL Payable Dr
To Cash/Bank

Accounting Entries for TDS

Entries for deals including TDS are as followed:–LRB-

When Expenditures are tape-recorded

Expenses Dr.
To Party
To TDS Payable

At the time of payment of above total up to Govt

TDS Payable Dr.
To Cash/Bank

When earnings is recorded/booked

Party Dr.
TDS deducted Dr.
To Revenue

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