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Service Tax Reports in TallyERP9 : LAB Practice

Service Tax reports are the reports which is used to view all the Service Tax related details at one place. The reports available in the menu are:

 

  1. Service Tax Payables
  2. Input Credit Form
  3. ST3 Report

 Go to Gateway of Tally > Display > Statutory Reports


Fig-44

1.         Service Tax Payables

 

Service Tax Payable report displays the Total Service Tax Payables as on a specified date.

 

 

Go to Gateway of Tally > Display > Statutory Reports > Service Tax Reports > Service Tax Payables.

 

  • Select the period for the report using the F2: Period option.
  • Set the period from 1-4-2015 to 30-4-2015.

 

 The Service Tax payable for the selected period displays various details as shown below:


Fig-45
  • Use the Alt+P key or click on Print option to print the report

The fields which appears in the Service Tax Payable report are briefed below:

  • Date - The date of the sales invoice is displayed.
  • Ref. No.: The reference number given to the sales invoice.
  • Party’s Name: The name of the customer to whom the sale is made.
  • Category Name: The name of the category of service selected from the list of service categories.
  • Bill Value: The total invoice amount.
  • Assessable Value: The assessable value for the service.
  • Service Tax: The total Service Tax calculated on the  assessable value.
  • Cess: The total cess on the Service Tax.
  • Realized Value: Amount received on the invoice value.
  • Assessable Value: The assessable value based on the  realized value
  • Service Tax Payable: The amount of Service Tax payable based on the realized value.
  • Cess Payable: The cess on the Service Tax payable based on the realized value.

 

‡   Total Payable: The amount of Service Tax payable inclusive of educational cess.

2.         Input Credit Form

 

Go to Gateway of Tally > Display > Statutory Reports > Service Tax Reports > Input Credit Form

 

The Input Credit Form displays various details as shown below:

Fig-46

The Input Credit Form contains:

  • Date of transactions
  • Reference Number of the transaction
  • Party’s Name with Service Tax No. and Address
  • Name of the Service Category purchased
  • Bill Value of the input service including Assessable Value, Service Tax and Cess amount.
  • Realised Value  of  the  input  service including Assessable  Value, Service Tax and Cess amount.
    • Total Credit available on input services

3.         ST 3 Report

 

Go to Gateway of Tally > Display > Statutory Reports > Service Tax Reports > ST3 Report

 

1. In the Service Tax Reports menu, select ST3 Report.

2. In Period For field, select the period for which ST3 Report to be printed.

3. Specify the Place and Date for Printing ST3 Report.

Fig-47
The printed ST3 Report appears .
 
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1- Basics of Service Tax in TallyERP9 : LAB Practice

 

2- Company Setup for Service Tax in TallyERP9 : LAB Practice

 
3- Enabling Service Tax in TallyERP9 : LAB Practice

In the F11: Features (Statutory & Taxation Features),

 

  • Set Enable Service Tax to Yes.
  • Enable Set/Alter Service Tax Details to Yes
 

4- Service Tax Statutory Masters in TallyERP9 : LAB Practice

Before creating masters, the following Statutory Master is loaded into Tally.ERP 9. To view the Service Category,

 

Go to Gateway of Tally > Display > Statutory Info. > Service Categories > Advertising Agency

Let us create the following ledger masters related to Service Tax :

  • Sundry Creditors
  • Sundry Debtors
  • Duties and Taxes
  • Sales Accounts
  • Purchase Accounts
 

5- Create Sundry Creditor Ledger for Service Tax in TallyERP9 : LAB Practice

 

6- Create Sundry Debtor Ledger for Service Tax in TallyERP9 : LAB Practice

 

7- Creating Service Tax Ledger in TallyERP9 : LAB Practice

 

8- Create Sales Ledger for Services in TallyERP9 : LAB Practice

 

9- Create Purchase Ledger for Services in TallyERP9 : LAB Practice

 

10- Creating Purchase Invoice for Services Tax in TallyERP9 : LAB Practice

On 15-4-2015, NeXT Services received Professional Services from Shweta Agencies worth Rs. 1,75,000. The payment for the services was made on 16-4-2015

 

11- Creating Sales Invoice for Services Tax in TallyERP9 : LAB Practice

On 20-4-2015,  Consultancy  Services  worth  Rs.  7,00,000  was  provided  to  Swayam Systems and the amount was received on 25-4-2015.
 

12- Accounting for Advance Receipts for Services Tax in TallyERP9 : LAB Practice

As mentioned earlier, Service tax is not applicable on the receipt of advance for a service until the invoice is raised. Service tax is to be paid on the amount received on the invoice value including the advance received.

On 27-4-2015, NeXT Services receives an advance of Rs. 70,000 for a service rendered by it from Indian Business House as on 29-4-2015.

On 29-4-2015, NeXT Services, completed the contract and raised an invoice on Indian Business   House  towards  Advertising  Agency  Services  with  10%  Service  Tax,  2% Education Cess and 1% Secondary Education Cess for a total amount of Rs 1,70,000 of which Rs 70,000 was received as an advance. Service tax, Education Cess and Secondary Cess is calculated on the total assessable value of Rs. 1,70,000.
 

13- Accounting for Opening Service Tax Credit in TallyERP9 : LAB Practice

The pending Service Tax payables and available Input Credit on Service Tax can be transferred from the previous financial year to the current financial year in Tally.ERP 9.

On 30-4-2015, NeXT Services decided to pay Service Tax to the government.  Information pertaining to the Previous year is given below:

  • Input Service Tax Credit for Rs. 1,030 on 10,000 bill value
Service Tax payable of Rs. 2,060 on 20,000 bill value
 

14- Payment of Service Tax in TallyERP9 : LAB Practice

On 05-5-2015, NeXT Services, paid Service Tax of Rs. 5506.72 towards Advertising Agency Services, vide cheque no. 551899 after adjusting Input Service Tax Credit on Telephone Services
 

15- Service Tax Reports in TallyERP9 : LAB Practice

Service Tax reports are the reports which is used to view all the Service Tax related details at one place. The reports available in the menu are:

  1. Service Tax Payables
  2. Input Credit Form
  3. ST3 Report

Go to Gateway of Tally > Display > Statutory Reports

 
 
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