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Crossing Exxemption limit in first year

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(Querist)
19 May 2009 What is the excemtion limit for first financial year for an assessee

Swcondly,If exemption limit is crossed in first financial year then what amount should be considered for service tax ? say exemption limit in first financial yeat is Rs 10,00,000 and the assesse has provided service for Rs. 12,00,000 then at what amout tax will be levied , on Rs balance 2 lakh or whole 12lakh??
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
19 May 2009 The overall limit is RS 10L irrespective to date you start business.

ST would be taxable over and above the exemption limit i.e. RS 2L
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
19 May 2009 But in the second year you need to charge service tax from Re.1/-.
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
20 May 2009 Agree with both the experts.
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