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Recording Interest Payable Towards Service Tax

You can record the payment of interest towards service tax using the Stat Payment button in payment invoice and selecting the payment type as interest.

For example , ABC Company had to pay ₹ 800 towards service tax interest.

To record interest payment towards Service Tax

1. Go to Gateway of Tally > Accounting Vouchers > F5: Payment .

2. Click S : Stat Payment and provide the required details.

3. Select bank ledger in the field Account .

4. Select the expense ledger created for interest on service tax under Particulars .

5. Enter the Amount as 800.

6. Enter the Bank Allocation details, as applicable.

7. Enter Narration , if required.

The payment invoice appears as shown below:

8. Press Enter to save.