Exemption limit
Querist : Anonymous
Fin Year
2008 -09 7 lakh below exemption
2009-10 9.4 lakh also below exemption
2010 - 11 14 lakh
Out of the 14 lakh fees, service tax charged on 9 lakh and paid to the treasury.
Query : whether service tax has to be paid on 4 lakh only or on 14 lakh, since the limit has been crossed in fin. year 2010 -11.
But since the assessee has collected tax on 9 lakh, the service tax on 9 lakh to be paid.
or whether service tax is to be paid on the entire 14 lakh.
However as per Section 73A of Finance Act 1994, if the assessee collect any amount in excess of what is actually required to be collected. In that case assessee is required to deposit the excess amount of service tax to the CG immediately.
In your case you are required to deposit service tax on rs 9 lac.
Querist : Anonymous
Also, i want to know what happens in the net year, when the fees are say 14 lakhs. will i get the exemption of 10 lakh again in the next year. Or will i have to pay the service tax on 14 lakhs.
If u r satisfied with my reply then say thanks by clicking "THANK USER".
in your case service tax will be on Rs. 14 lakhs.
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