Exemption in case of turover below 10 lacs
This query is : Resolved
23 July 2015
Hello experts,
If the turnover of an individual/firm is less than 10 lacs, he is not liable for service tax. However, he can still apply for a registration number. If he is not liable for paying tax, he should ideally not collect the tax from the customers. But by quoting a registration number, he can still collect the tax. Are there any provisions to prevent this type if misuse of tax?
Regards
Soumya
If the turnover of an individual/firm is less than 10 lacs, he is not liable for service tax. However, he can still apply for a registration number. If he is not liable for paying tax, he should ideally not collect the tax from the customers. But by quoting a registration number, he can still collect the tax. Are there any provisions to prevent this type if misuse of tax?
Regards
Soumya
23 July 2015
Any tax collected even if the turnover is less than 10 lacs has to be remitted to Govt.
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