SST-Account for Pending Service Tax over 12 months: Difference between revisions
From eStream Software
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::{| class="wikitable" | ::{| class="wikitable" | ||
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! GL | ! GL Code !! GL Description !! style="text-align:right;"| Local DR !! style="text-align:right;"| Local CR !! Add to Final GST-03 | ||
|- | |- | ||
| | | GST-202 || GST - Sales Deferred Tax || style="text-align:right;"| 3,600 || || | ||
|- | |||
| GST-KASTAM || GST - Payable (KASTAM) || || style="text-align:right;"| 3,600 || 5(b), 18 | |||
|} | |} | ||
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Revision as of 04:13, 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 Code GL Description Local DR Local CR Add to Final GST-03 GST-202 GST - Sales Deferred Tax 3,600 GST-KASTAM GST - Payable (KASTAM) 3,600 5(b), 18