Service tax on builders of residential complex
This query is : Resolved
SUBHASH MISHRA
(Querist)
19 December 2014
Respected sir,
A new service provider providing services of construction of commercial complex, residential flats and shops. During F.Y. 2013-14, He received Rs. 22,00,000/- towards booking amount from various persons.
Whether the assessee will get any basic exemption of Rs. 10,00,000/- . Whether the asseessee is liable to pay tax on remaining Rs. 12,00,000/- (Rs 22,00,000/- minus Rs. 10,00,000/).
What will be if in next year the assessee gets Rs. 8,00,000/- towards booking amount ? Whether basic exemption limit of Rs. 10,00,000/- will be available again ?
(In the present case the asseessee is a new assessee and did not provided any other service in last years)
With regards
A new service provider providing services of construction of commercial complex, residential flats and shops. During F.Y. 2013-14, He received Rs. 22,00,000/- towards booking amount from various persons.
Whether the assessee will get any basic exemption of Rs. 10,00,000/- . Whether the asseessee is liable to pay tax on remaining Rs. 12,00,000/- (Rs 22,00,000/- minus Rs. 10,00,000/).
What will be if in next year the assessee gets Rs. 8,00,000/- towards booking amount ? Whether basic exemption limit of Rs. 10,00,000/- will be available again ?
(In the present case the asseessee is a new assessee and did not provided any other service in last years)
With regards
Annu Agarwal
(Expert)
20 December 2014
For the Year 2013-2014,which is his first year of operation
Service tax shall be paid on 12,00,000 i.e after deducting 10,00,000 from 22,00,000 after availing abatement as relevant.
For the year 2014-2015
Even if the taxable turnover is below 10,00,000 i.e 8,00,000 service tax shall be paid on 8,00,000 apllying the abated rate.
As per notification No.33/2012,once the limit of 10,00,000 is crossed,service tax has to be paid each subsequent year.
Service tax shall be paid on 12,00,000 i.e after deducting 10,00,000 from 22,00,000 after availing abatement as relevant.
For the year 2014-2015
Even if the taxable turnover is below 10,00,000 i.e 8,00,000 service tax shall be paid on 8,00,000 apllying the abated rate.
As per notification No.33/2012,once the limit of 10,00,000 is crossed,service tax has to be paid each subsequent year.
Rupesh Jain
(Expert)
20 December 2014
you have to pay tax if you take the exemption in last year .
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