basic exmption limit

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CA Ravi Shankar K

CA Ravi Shankar K (Querist)
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04 January 2010 kindly tell me the basic exemption limit
earlier and noe as on date
with notification

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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04 January 2010 Basic Exemption Limit is Rs. 10L.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 January 2010 Pl refer notifications 06/2005 dated 01/03/2005, 04/2007 dated 01/03/2007 and 8/2008 dated 01/03/2008 in www. servicetax.gov.in.

CA. Gurdeep Singh Chawla

CA. Gurdeep Singh Chawla (Expert)
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04 January 2010 Rs. 10 lacs

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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04 January 2010 yes 10 lakhs

SANJAY JAIN

SANJAY JAIN (Expert)
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04 January 2010 This basic exemption limit provided in Notification No. 6/2005-ST has two aspects.

First 10 lakh for the current financial year is aggregate of first consecutive receipt for taxable service amount (excluding exempted service amount). In this provision the excess amount receipt shall be liable to service tax.

The second 10 lakh pertaining to preceding year is for value of taxable service (including exempted service) rendered in the preceding year.

This exemption is not applicable for the person liable to pay tax in terms of the section 68(2).