27 March 2008
At present, providing machinery on hire basis is not taxable. The service is proposed to be taxed in the Budget Proposal under the catagory of "Renting of movable properties" wef from the date of notification.
27 March 2008
yes wef the new budget, services provided in relation to supply of tangible goods is brought under serv. tax net @12.36%. the exemption limit is Rs. 10 lakhs P.A for serv. tax wef 01-04-08 IN PLACE OF EARLIER RS. EIGHT LAKHS. THE THRESHOLD LIMIT FOR REGISTRATION UNDER SERV. TAX ACT WEF 01-04-08 IS RS. NINE LAKHS IN PLACE OF EARLIER RS. SEVEN LAKHS. though the budget for 2008-09 commences from 01-04-08, the govt. of india ministry of finance and dept. of revenue comes with a notification. In case OF SERV. TAX the central excise dept. will come out with the new notification. R.V.RAO
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