Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Discussion > Service Tax > Others >

Service Tax Exemption Limit

    Post New Topic
Pages : 1 2 3





profession

[ Scorecard : 41]
Posted On 20 January 2011 at 12:49 Report Abuse

Hi,

My client has service tax turnover of Rs.15 lacs. Please clarify, whether he has to pay service tax on 15 lacs or Rs.5 Lacs (in excess of exemption of 10 lacs).

If he was having service tax turnover for Previous Year of Rs.15 lacs, what will be the liability.


Online classes for CA CS CMA



Pankaj Arora
Accountant/Learner

[ Scorecard : 2744]
Posted On 20 January 2011 at 13:00

 

You have to pay service tax on 5lacs. First 10 lacs is exempt from service tax.





Pinky Agarwal
C.A Final Student

[ Scorecard : 396]
Posted On 20 January 2011 at 14:10

For determining the exemption limit for current year, previous year turnover should not exceed Rs. 10 lakhs. However in your case turnover for previous year exceeds rs. 10 lakh. Hence exemption will not be available to you and entire turnover of Rs. 15 lakh would be taxable. Regards, Pinky Agarwal.



Pankaj Arora
Accountant/Learner

[ Scorecard : 2744]
Posted On 20 January 2011 at 14:21

 

But pinki I think Q is based on p.y. so he have to pay only service tax on amount 5 lac. If not please correct me.




M .K. Jha
CA Final

[ Scorecard : 479]
Posted On 20 January 2011 at 14:35

Yes Mr. Pankaj is right this way service exemption would be available to such assessee who does not take any exemption in any previous year.

 

Service tax applicable on 5 lakhs only and remaining amount should be exempt 

But from the next f.y. such assessee should have to collect service tax and deposit the same.




rachit jain
chartered accountant

[ Scorecard : 550]
Posted On 20 January 2011 at 14:47

current year he has to pay service tax on 5 lakh. and from next year onward there would not be any exemption available, so for any amount of taxable service he has to pay service tax.




RAJEEV
article

[ Scorecard : 120]
Posted On 20 January 2011 at 16:07

if you have registered in service tax department and last prv. years u have paid ur service tax on your turnover which is above ten laks then current year service tax will be paid on 15 lacs. 




DINESH
CA FINAL

[ Scorecard : 102]
Posted On 20 January 2011 at 17:37

If any person is registered under service tax since last two years,,, but  his turnover is not exceeding Rs 10 lacin any year. he is liable to charge S.T.

AND

if he had already charged S.T. on a bill by mistake then he has to charge S.T. on further bill ??????




M .K. Jha
CA Final

[ Scorecard : 479]
Posted On 20 January 2011 at 17:41

Mr. Dinesh

Please refer if any notification or press release about your comment..




DINESH
CA FINAL

[ Scorecard : 102]
Posted On 20 January 2011 at 18:04

no, not any notification or press is released, as much i know



There are 20 Replies to this message








Related Files








Related Threads


Post your reply for Service Tax Exemption Limit



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message







    

  • Use thank button to convey your appreciation.
  • Maintain professionalism while posting and replying to topics.
  • Try to add value with your each post.




Forum Home | Forum Portal | Member Control Center | Who is Where | Popular Threads | Today's Topic | Recent Posts | Today's Posts | Post New Topic | Thread With Files | Top Threads This Month | Forum Stats | Unreplied Threads

back to the top