Regarding service tax
This query is : Resolved
09 March 2014
My company is 10 years old but turnover is less than 10 lacs and its a proprietory concern. This year my company has got big contract from the govt department and turnover crosses from 10 lacs to 15 lacs.
They have not charged service tax from their clients since begining. if they apply for the service tax now, will they have to pay service tax on the full amount of 15 lacs or excess amount i.e above Rs. 10 lacs and what should we do in this situation. Kindly help
They have not charged service tax from their clients since begining. if they apply for the service tax now, will they have to pay service tax on the full amount of 15 lacs or excess amount i.e above Rs. 10 lacs and what should we do in this situation. Kindly help
10 March 2014
1. Since the turnover of the company in the previous year was less than Rs. 10 lakhs, it is a Small Service Provider.
2. The company will be liable to pay tax only on the amount in EXCESS of Rs. 10 lakhs.
2. The company will be liable to pay tax only on the amount in EXCESS of Rs. 10 lakhs.
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