EXEMPTION OF 10 LACS.
This query is : Resolved
Guest
Guest
(Querist)
20 September 2009
Is it true so that exemption of 10 lacs is available only for first year and for subsequent years it is taxable for whole amt.
20 September 2009
To an extent it is correct. If in one year the turnover crosses 10 Lacs, then service tax is chargeable on full amount next year. But if in next year turnover is less then 10 lacs, then in that year it is fully chargeable but not in the next year, i.e third year. In that case, the limit shall apply again. Hope I am clear. If not then pls tell me again.
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20 September 2009
E.G. YEAR 09-10 11 LACS S.T APPLICABLE FOR THIS YEAR AND NEXT YEAR MEANS YEAR 10-11 BUT IN YEAR 10-11 YOUR TURNOVER IS 8 LACS THEN ST NOT APPLICABLE FOR THE YEAR 11-12.
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