Service Tax applicability
This query is : Resolved
03 February 2011
One of my Chartered Accountant friend is in the practice who provides two kinds of the services to the clients: 1. Normal Tax Audit Services and 2. Services of project finance i.e he arranges the finance from various banks to the clients and charges special fess for that. Does this Project Finance services are covered under the purview of the Service Tax.? will these services will have to be included for calculating basic limit of Rs.10 lacs?
04 February 2011
1) Fees received for project finance services are liable for service tax by virtue of rescinding the exemption notification 59/98-ST dated October 16,1998.
2) As per section 65(105)(s), the said fee will come under the definition of taxable service and therefore,should be considered for counting the threshold limit of Rs.10/- lakhs.
2) As per section 65(105)(s), the said fee will come under the definition of taxable service and therefore,should be considered for counting the threshold limit of Rs.10/- lakhs.
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