Service Tax

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This query is : Resolved

Pankaj Sharma (Querist)

08 April 2008 If an individual providing a service to company and not charging service tax. this is ok or not. his annual billing is Rs.1050000 (Ten Lakh Fifty Thousand) in 2007-08. Till what amount is non taxable.
What is threshold limit because i have received 2 ans both of them r right but i dont know the meaning of threshold limit

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

08 April 2008 1. He has to bill for service tax once he crosses the non-taxable limit the first time.

R.V.RAO

R.V.RAO (Expert)

08 April 2008 FOR FIN. YEAR 2007-08, THE EXEMPTION LIMIT UNDER SERV. TAX ACT WAS RS EIGHT LAKHS P.A. SO ONE HAS TO REGISTER UNDER SERV. TAX ACT AS SERVICE PROVIDER AND BILL THE SERV. TAX@12.36%OF GROSS BILLING FOR THE TAXABLE SERVICE AND COLLECT AND DEPOSIT THE SAME BESIDES FILING SERV. TAX RETURN ON HALF YEARLY BASIS.
FOR FIN. YEAR 2008-09 , THE BUDGET HAS INCREASED THE EXEMPTION LIMIT FOR SERV. TAX TO RS. TEN LAKHS P.A.
R.V.RAO

R.V.RAO

R.V.RAO (Expert)

08 April 2008 THE THRESHOLD LIMIT FOR REGISTRATION UNDER SERV. TAX ACT FOR 2007-2008 WAS RS. SEVEN LAKHS .
FOR THE FIN. YEAR 2008-2009, THE THRESHOLD LIMIT FOR REGN. UNDER SERV. TAX ACT IS RS. NINE LAKHS.
R.V.RAO

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