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Enabling Service Tax in Tally

Service Tax is an indirect tax levied on certain services in India at a rate of 10% plus a 2% education cess on the service tax amount. In Tally, enabling Service Tax requires setting up the relevant statutory details and ledgers. The key ledgers affected are Sales, Purchase, Party (Debtors/Creditors), and Duties and Taxes ledgers for input and output Service Tax. These ledgers must be configured correctly with applicable Service Tax details for accounting and compliance purposes.

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75 views4 pages

Enabling Service Tax in Tally

Service Tax is an indirect tax levied on certain services in India at a rate of 10% plus a 2% education cess on the service tax amount. In Tally, enabling Service Tax requires setting up the relevant statutory details and ledgers. The key ledgers affected are Sales, Purchase, Party (Debtors/Creditors), and Duties and Taxes ledgers for input and output Service Tax. These ledgers must be configured correctly with applicable Service Tax details for accounting and compliance purposes.

Uploaded by

SanctaTiffany
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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SERVICE TAX

Service Tax is an indirect tax levied by the government of India on certain category of services provided by a firm,agency,person,etc. At present the rate of service tax on taxable service is 10%+ education cess of 2% on service tax. ENABLING SERVICE TAX IN TALLY: Click F11:FeaturesStatutory & Taxation Set Yes for: Enable Service Tax ? Set/Alter Service Tax details? Enter the Service Tax Details. i. ii. iii. iv. v. Service Tax Registration No.: No. allotted by the service tax department. Assessee code: Code given by the service tax department. Type of Organisation: Type of organisation applicable to your company from the drop down menu. Major Service tax category: Type of service provided by the company from the drop down list. Credit Adjustment (%): Percentage of credit adjustment. The default percentage is 20%.

Enter the details of : i. Divisionii. Rangeiii. Commissionerateiv. Focal bank-

LEDGERS IN SERVICE TAX: The ledgers that are affected by service tax are: I. II. III. IV. Sales ledger Purchase ledger Party ledger-Sundry debtors/Creditors Duties and taxes

I. Sales ledger: Gateway of tally Accounts info Ledgers Single Create. Enter the name of service in the Name field. E.g. management consultancy Select Sales Account in the Under field. Type Yes for Is service Tax applicable? Select the Category name from the drop down list. Accept the screen. II. Purchase ledger: Gateway of tally Accounts info Ledgers Single Create. Type the Name of service which is bought. Select Purchase Account in the under field. Type Yes against Is service tax applicable? Select the required Category name from the drop down list. Accept the screen.

III. Party ledger:

Gateway of tally Accounts info Ledgers Single Create. Type the Name of the company which provides the service. Select Sundry creditor /debtors in the under field. Type Yes against Is service tax applicable? Enter the exemption details. Select the required Category name from the drop down list. Accept the screen. IV.Service Tax ledger: 1. Input service tax ledger Gateway of tally Accounts info Ledgers Single Create. Type the Input service tax ledger in the name field. Select Duties and taxes in the under field. Select the required Category name from the drop down list. Set Inventory values are affected to No. Accept the screen. 2. OutputService Tax ledger: Gateway of tally Accounts info Ledgers Single Create. Type the Output service tax ledger in the name field. Select Duties and taxes in the under field. Select the required Category name from the drop down list. Set Inventory values are affected to No. Accept the screen.

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