Changeability of service tax?

This query is : Resolved

Monil R. Shah (Querist)
Follow

03 September 2012 My client charged service tax in 1st year of registration to get CENVAT though he didn’t cross basic exemption limit. In second year can he avail the exemption limit of Rs.10L?

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
Follow

03 September 2012 No, exemption can be claimed in the first year only. If he has not claimed the exemption then it is not allowed to take credit in the subsequent year

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
Follow

03 September 2012 If Client Services Not Exceed Rs. 10 Lacs During Last Year, Then Still He is SSI, & Can Claim Exemption for This Year.

But CENVAT Credit of Last Year Cant Be C/F, & No Benefit of CENVAT Credit is Available.

Monil R. Shah

Monil R. Shah (Querist)
Follow

03 September 2012 @Ayush: Though he start charging s.t. in 1st year?

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
Follow

03 September 2012 Tell Me Numerical Figure Closing Balance at Enf Year of First Year.

Actually, If U Claim Exemption in Any Particular Year, Then Balance Standing in Your Accounts as CENVAT Credit is Dismissed.

Monil R. Shah

Monil R. Shah (Querist)
Follow

04 September 2012 In 1st year Client is having
Outward sevices - Rs.538650/-
Inward Services - Rs.445500/-
(In all above figure service tax has been charged and cenvat has been taken)

Now he want to avail basic exemption limit

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
Follow

04 September 2012 Now Tell me Is There Any CENVAT Credit Balance Lying of Last Year in Current Asset as Opening,
If No, Then Eligible for SSI

Monil R. Shah

Monil R. Shah (Querist)
Follow

04 September 2012 No. Thank you for support...

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA Saurabh Jadhav

John Ravindran Moses

Shraddha Pangam

Deepak Nayak

Prakash Kaduluri

Subscribe Now

Changeability of service tax?

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

CA Final

Manager- Finance and Compliance

Accountant

Senior Executive

GST CONSULTANT