Service tax exemption
This query is : Resolved
31 December 2008
Dear all
Please explain
2007-08 SERVICE ASSESSABLE VALUE (Billed amt) = 1000000
2008-09 SERVICE ASSESSABLE VALUE (Billed amt) = 1200000
HOW TO CALCULATE SERVICE TAX IN 2007-08 & 2008-09 IF EXEMPTION LIMIT IN 2007-08 = 800000 IN 2008-09 = 1000000
Please explain
2007-08 SERVICE ASSESSABLE VALUE (Billed amt) = 1000000
2008-09 SERVICE ASSESSABLE VALUE (Billed amt) = 1200000
HOW TO CALCULATE SERVICE TAX IN 2007-08 & 2008-09 IF EXEMPTION LIMIT IN 2007-08 = 800000 IN 2008-09 = 1000000
31 December 2008
Assessable value,in your question, means amount received.
But exemption limit is determined on the basis of amount billed.
But exemption limit is determined on the basis of amount billed.
31 December 2008
I correct my answer as follows:-
2007-08-Invoice amount in excess of threshold limit is Rs.200000/- You have to calculate tax on the amount received against that Rs.200000/-
2008-09-Cannot enjoy threshold limit.Amount received against that Rs1200000/-is fully taxable.
Mistake in my earlier answer is regretted.
2007-08-Invoice amount in excess of threshold limit is Rs.200000/- You have to calculate tax on the amount received against that Rs.200000/-
2008-09-Cannot enjoy threshold limit.Amount received against that Rs1200000/-is fully taxable.
Mistake in my earlier answer is regretted.
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