Some Important Journal Entries..

Following are some Journal Entries For Maharashtra-VAT, Service Tax, Excise Duty, & Tax Deduction At Source (TDS):-

01.) Maharashtra-Value Added Tax (Maharashtra-VAT):-

A.) At the time of Purchase Of Material:-

Purchase A/C Dr.
VAT Input A/C Dr.
To Creditors A/C Cr.

B.) At the time of Sale Of Material:-

Debtors A/C Dr.
To Sales A/C Cr.
To VAT Output A/C Cr.

C.) At the time of Adjustment:-

VAT Output A/C Dr.
To VAT Input A/C Cr.
To VAT Payable A/C Cr.  (If Output>Input)

D.) At the time of Payment:-

VAT Payable A/C Dr.
To Cash/Bank A/C Cr.

2.) Service Tax:-

A.) When Services Are Received:-

Expenses A/C Dr.
Service Tax Input A/C Dr.
To Party A/C Cr.

B.) When Services Are Provided:-

Debtors A/C Dr.
To Revenue A/C Cr.
To Service Tax Output A/C Cr.

C.) At the time of Adjustment:-

Service Tax Output A/C Dr.
To Service Tax Input A/C Cr.
To Service Tax Payable A/C Cr. (If Output>Input)

D.) At the time of Payment:-

Service Tax Payable A/C Dr.
To Cash/Bank A/C Cr.

3.) Excise Duty:-

A.) At the time of Purchase:-

Purchase A/C Dr.
Central Excise Input A/C Dr.
Education Cess Input A/C Dr.
Secondary & Higher Secondary Education Cess Input A/C Dr.
To Creditors A/C Cr.

B.) At the time of Sales:-

Debtors A/C Dr.
Manufacturing Duty A/C Dr.
To Central Excise Output A/C Cr.
To Education Cess Output A/C Cr.
To Secondary & Higher Secondary Cess Output A/C Cr.
To Sales A/C Cr.
(Including Excise Duty Amount)

4.) Tax Deduction At Source:-

A.) At the time of Deducting TDS:-

Expenses A/C Dr.
To TDS Payable A/C Cr.
To Party A/C Cr.

B.) At the time of Deposit Of Amount Of TDS:-

TDS Payable A/C Dr.
To Cash/Bank A/C Cr.

C.) At the time of Booking Of Income:-

Party A/C Dr.
TDS Deducted A/C Dr.
To Revenue Receipts A/C Cr.

D.) At the time of Receipt Of Income:-

Bank/Cash A/C Dr.
To Party A/C Cr.

By,
Rinav A. Khakhar and CA Nidhi Khakhar
Mumbai.
khakharassociates@gmail.com