Reverse Charge - Entries- Renting of a motor vehicle

with reference to Notification No. 30/2012-Service Tax
Taxable Service :  Renting of a  motor vehicle designed to carry passengers

Set of possible accounting entries under Reverse Charge for above Service :

the service provider shall be either any individual, Hindu Undivided Family or partnership firm, whether registered or not, including association of persons, located in the taxable territory.
The service recipient shall be business entity registered as body corporate located in the taxable territory.
Rent a Cab
		Description of a Service			Percentage of Service tax payable by Service Provider			Percentage of Service tax payable by Service Recipient
Renting of passenger motor  Vehicle		With Abatement (40% taxable)			NIL			100%
		Without Abatement			60%			40%
example of car hire charges where Cenvat Credit not available and TDS deducted @1%
		Case-I		Case-II		Case-III
		when provider charge service tax at abated value @ 40% of 12.36% (i.e.4.944%)		when Service provider charge service tax at full rate @  12.36%		when Service provider  do not charge service tax on invoice
Car Hire Charges		10,000		10,000		10,000
Service Tax		494		1,236		0
Total		10,494		11,236		10,000
1.At the time of booking the Expense for the service received
		Case-I			Case-II		Case-III
		Car Hire Charges 10494			Car Hire Charges 11,236		Car Hire Charges Dr.            10,000
		To XYZ                9,896			To XYZ                10,630		Service Tax Paid Dr.             494  (claim as exp.)
		To TDS payable    104			To TDS payable    112		To XYZ                                 9,900
		To Service Tax Payable   494			To Service Tax Payable   494		To TDS payable                     100
							To Service Tax Payable          494
2.At the time of making payment to party
	Case-I		Case-II			Case-III
	XYZ    Dr.       9,896		XYZ    Dr.       10,630			XYZ    Dr.       9,900
	To Bank/Cash 9,896		To Bank/Cash 10,630			To Bank/Cash 9,900
3. Accounting Treatment at the time of making payment of Service tax to the Central  Govt.
		Case-I			Case-II			Case-III
		Service Tax Payable 494			Service Tax Payable 494			Service Tax Payable 494
		To Bank                  494			To Bank                  494			To Bank                  494

Five ways to make sure the boss notices you

Five ways to make sure  the boss notices you To get the boss to notice that you are beyond a number on the employee payroll list requires effort. ET suggests a few ways to make sure you stand in your supervisor's line of vision. 1) Make Boss Look Good S Apte, an HR assistant manager in an Pune-based automotive company, says one should always make sure the boss looks good in front of his seniors. "If there are presentations that your boss has to show his seniors, then make them error-free," he says. 2) Speak up at Meetings Not many people come up with out-of-the-box suggestions during meetings since they are wary of the reaction, so innovative ideas will always get noticed, says Srinivas Nanduri, partner, board & leadership hiring for the Indian arm of executive search firm Maxima Global. 3) Show Team Spirit A team member will get noticed by the boss if he or she lends a helping hand to others. However, this should only be done when your work is complete. 4) Complete the Loop A senior should always be kept in the loop of the work done by the employee. A mail marking a copy to the boss is a practice one can adopt, even if an assignment is beyond key result areas. 5) Reach Out for More Popping into the boss' cabin and seeing if he or she needs help with a project will project you into the limelight. An employee who takes out time to discuss other company-related projects and future prospects of tasks, shows he or she wants to be a decision-maker. Source : ET Bureau