Hi
Could any one tell me that,
Is Service Tax applicable to Pawn Broker business, carrying individually?
Thanks,
CA Sridhar.
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 25 February 2015
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 25 February 2015
Sridhar
(Executive)
(40 Points)
Replied 25 February 2015
Is Service Tax applicable to individual? Because the the definition of taxable service is not covered individual.
“Taxable Service” means any service provided or to be provided to any person, by a banking company or a financial institution including a non-banking financial company or any other body corporate or commercial concern, in relation to banking and other financial services;
Dharmesh
(C.A.)
(47 Points)
Replied 16 March 2015
Dear Mr.Shridhar,
You are referring to an old service tax regime. Service tax law has undergone paradigm shift from the selective approach to the negative list based approach of taxation of services with effect from 01.07.2012. Now only those services which is there in negetive list is out of service tax scope and rest all services are taxable.
Definition of service "service" means any activity carried out by a person for another for consideration, and includes a declared service"
As regards services provided by Individual, the only shelter available to them is SSI exemption i.e. turnover of your business in preciding financial year does not exceeds Rs.10Lacs. If turnover is above Rs.10 Lacs than service tax is applicable.
I hope above will clear your doubt.
Regards
Dharmesh
8898507555
CAclubindia
