04 October 2012
The turnover of one of our clint is LESS THAN 50 LACS Plz somebody tell me that what is the procedure to avail option to pay service tax on RECEIPT BASIS.
05 October 2012
But Sir I have Read that Section 68 amanded wef 01/04/2012 - Accordingly individuals and p-ship firms whose aggrigate value of taxable services is Rs 50 lacs or less in the previous financial year, the service provider shall have option to pay tax on services provided or to be provided by him upto total of Rs 50 lacs in the current financial year, WITH RESPECT TO THE QUARTER IN WHICH PAYMENT IS RECEIVED.
05 October 2012
Provided also that in case of individuals and partnership firms whose aggregate value of taxable services provided from one or more premises is fifty lakh rupees or less in the previous financial year, the service provider shall have the option to pay tax on taxable services provided or to be provided by him up to a total of rupees fifty lakhs in the current financial year, by the dates specified in this sub-rule with respect to the month or quarter, as the case may be, in which payment is received.”,
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