Question about audit & service tax
Querist : Anonymous
I am a small service provider(proprietor) and my serivces turnover was less than 10 lakhs and hence I didn't applied for service tax number and neither my accounts were audited (As the limit was 10 lakhs.).
But today I found that my turnover has crossed 15 lakhs. (It is aroound 15.9 lakhs.). So will my account will require auditing from this year and should I apply for service tax number now? ( I was told that the limit for auditing was Rs.15 lakhs for service providers.)
The linit is Rs. 15 lakhs for professionals.
What is the nature of the service that you provide?
You are providing service of any of this nature than you are professional other wise you are a business man and limit of Rs. 60 lacs is apply to you.
Querist : Anonymous
And this financial year, my services crossed 15 lakhs. So will I require auditing of accounts from this year or from next year..? And should I apply for service tax number now?
Yes, you should apply for service tax registration. You will also have to pay service tax on the amount exceeding Rs. 10 lakhs.
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