Payment of service tax if does'nt croses 50 lac

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D S N Raju (Querist)
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16 April 2012 Dear Freinds,

If the annual turnover of the firm doesn't cross 50 lacs then the service tax can be paid aster receipt of the bill amount or we have to pay as per bills raised only irrespective of crossing 50 lacs per annum please confirm.

Thansk & Regards,
D S N Raju

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 April 2012 If the aggregate value is Rs. 50 lakhs or less in previous financial year , the service provider may pay tax on receipt basis upto Rs.50 lakhs taxable value. Beyond Rs.50 lakhs, service tax will have to be paid on the mercantile basis on the basis of issue of invoice. For details please refer notification 3/2012 dated 17/3/2012.

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