Notificationabout service tax on director remuneration
This query is : Resolved
10 August 2012
Now recently ammendment about service tax on director remuneration. Notificatio No. 45/2012.
1) It is applicable Exemption limit 10 lac for service tax on director remuneration?
2)Can every company must take service tax number and pay service tax for payment to director remuneration?
3) When director Remuneration paid less than 10 lac, it required to take service tax number. Ammendment say that " director remuneration is liable to service tax and respective company is liable to pay ST under reverse charges @ 100%".
What is exect meaning about that?
Now recently ammendment about service tax on director remuneration. Notificatio No. 45/2012.
1) It is applicable Exemption limit 10 lac for service tax on director remuneration?
2)Can every company must take service tax number and pay service tax for payment to director remuneration?
3) When director Remuneration paid less than 10 lac, it required to take service tax number. Ammendment say that " director remuneration is liable to service tax and respective company is liable to pay ST under reverse charges @ 100%".
What is exect meaning about that?
10 August 2012
reverse charge is applicable to service receiver where service receiver is body corporate as defined under companies act. The basic exemption limit, therefore, is NOT applicable.
21 August 2012
For services provided by independent/Non-executive directors the service tax liability is applicable from 01.07.12 to 06.08.12 as the reverse charge is applicable only from 7th august, 2012. They directors can avail first 10 lacs exemption for their liability.
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