basic limit
This query is : Resolved
11 October 2008
in service tax whether there is basic exemption of Rs.1000000/- for all years or once ? e.g. in F.Y. year 2006-07 my taxable services were 1100000/- but in F.Y. 2007-08 it was 700000/- only so whether i m liable to pay/collect service tax in F.Y. 2007-08...?
11 October 2008
Exemption limit of Rs. 10 lakhs is for the F.Y. 2008-09 For F.Y. 2007-08 exemption limit was Rs. 8 lakhs.
So if for current year your turnover of taxable services exceeds Rs. 10 Lakhs Then you have to pay service tax. If exemption limite changes for F.Y. 2009-10 to 15 Lakhs, then it will be for F.Y. 2009-10.
For further descrepancies you may contact me on my cell no. 940 33 555 99 or 97 666 439 55. or mail me on cayateshrenuke@gmail.com
Regards'
Yatesh Renuke
So if for current year your turnover of taxable services exceeds Rs. 10 Lakhs Then you have to pay service tax. If exemption limite changes for F.Y. 2009-10 to 15 Lakhs, then it will be for F.Y. 2009-10.
For further descrepancies you may contact me on my cell no. 940 33 555 99 or 97 666 439 55. or mail me on cayateshrenuke@gmail.com
Regards'
Yatesh Renuke
11 October 2008
10 lakhs for FY 2008-09
8 Lakhs for 2007-08
you will be liable for tax
8 Lakhs for 2007-08
you will be liable for tax
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