The new notification dated 25.08.2011 requires all assessee to file half yearly e return.
Now if a registered assessee having taxable service below 10 lakhs have to file return then should he fill nil return showing taxable service as zero ?
Otherwise even if he fills up taxable service below 10 lakhs the form will automatically calculate tax thereon as there is no field for showing threshold limit of 10 laks as deduction.
So how to file the e return for assessee having taxable service below 10 lakhs ?
06 October 2011
The exemption of Rs. 10 lakh in service tax is only for first time and not in each year like income tax slab exemptions. If the assessee is already registered in Service Tax it means he already has exhausted his exemption of Rs. 10 lakh in first year when he got registered. In all the coming years he has to pay ST even on his gross receipts below 10 lakh.
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