SST-Account for Pending Service Tax over 12 months: Difference between revisions

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! GL Acc !! Description || Account Type
! GL Acc !! Description || Account Type
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|-
| SST-PRE || SST - PENDING SERVICE TAX PREPAID || Current Assets
| SST-PRE || SST - PENDING SERVICE TAX PREPAID || CURRENT ASSETS
|}
|}
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:2.  
:2. Follow the double entry below to create Journal Entry.
 
2) '''Deemed Supply (Own Used/Disposed)'''
::{| class="wikitable"
::{| class="wikitable"
|-
|-
! No !! Tax Code || Description || Tax Rate || SST-02 column 
! GL Acc !! Description || Account Type
|-
| 01 || SUV || Service Own Use 6% || 6% || B1_9 <br /> B2_11C
|-
|-
| SST-PRE || SST - PENDING SERVICE TAX PREPAID || CURRENT ASSETS
|}
|}
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Revision as of 04:08, 24 July 2019

Introduction

Service Tax required to be accounted if on the day following period of 12 month when any whole or part of the payment is not received from the date of the invoice for the taxable service provided.


Journal Entry Adjustment

Pending service tax to be paid

1. Create the following GL Account.
GL Acc Description Account Type
SST-PRE SST - PENDING SERVICE TAX PREPAID CURRENT ASSETS


2. Follow the double entry below to create Journal Entry.
GL Acc Description Account Type
SST-PRE SST - PENDING SERVICE TAX PREPAID CURRENT ASSETS


See also