Financials for India - EBS (MOSC)

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RCM Service Tax Accounting Not flowing after SBC Patch

edited Mar 23, 2016 5:11AM in Financials for India - EBS (MOSC) 16 commentsAnswered ✓

Hello Everyone,

We recently applied the Swachh Bharat Patch(patch# 22177605) which also includes the patch#21442546 as a pre-requisite to bring about Revised Service tax Point Of Taxation changes as per Fed Budget 15-16.

After this patch has been applied, we have noticed that it has affected the Service tax Accounting flow.

To elaborate, below was the earlier process of accounting for recoverable RCM invoices. Below was the process earlier(before the patch):

Step:1

When the AP vendor invoice(with RCM service tax attached to it) is created, validated and accounted. Below is the accounting entry for the taxes:

    Dr....RCM Account

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