Basic limit
This query is : Resolved
Rajesh Topiwala
(Querist)
15 July 2013
I want to go for VCES scheme for my client as recently declared by government from 01.10.2007 to 31.12.2012. Taxable Service provided in 2007 - 2008 Rs. 5,00,000 /- entire year. 2008 - 2009 upto 7th bills Rs. 9,00,000 /- but 8th bill Rs. 3,00,000 /-. Means crossed 10 lacs by 8th bill.
My querry
1. Should one claim basic limit of Rs. 10 lac ? 8th bill of Rs. 3,00,000 /- is taxable ? Should I pay tax on Rs. 3,00,000 /- or is it exempt ? Can anyone please clarify the same ?
2. what about SERVICE TAX from 01.01.2013. They are ready. It is taxable. Should one pay ST alongwith interest from 01.01.2013 to 30.06.2013 first & then go for VCES or vice versa ? ST No. got by them.
My querry
1. Should one claim basic limit of Rs. 10 lac ? 8th bill of Rs. 3,00,000 /- is taxable ? Should I pay tax on Rs. 3,00,000 /- or is it exempt ? Can anyone please clarify the same ?
2. what about SERVICE TAX from 01.01.2013. They are ready. It is taxable. Should one pay ST alongwith interest from 01.01.2013 to 30.06.2013 first & then go for VCES or vice versa ? ST No. got by them.
Ankit Gupta
(Expert)
17 July 2013
Yes you should claim SSP exemption n full amount of rs 300000 is taxable. In regard to liable from 1.03.2013 you have to pay tax along with interest.
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