Small service provider exemption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 June 2016
Mutual fund agents were paying service tax last year. agents are service providers and mutual fund companies are service reciepient. till last year, mutual fund companies were paying service tax (reverse charge mechanism). from this year onwards, agents have to pay the taxes as the reverse charge method has been removed. now the query is whether they are eligible for SSP exemption this year, even though their brokerage income (taxed as reverse charge) exceeded 10 lacs during last year? clarity is requested on the point that, whether the amount of taxable services provided last year under reverse charge mechanism are also to be included in the threshold 10 lacs for deciding the ssp exemption for current year?
CA R SEETHARAMAN
(Expert)
14 June 2016
Service provided last year under RCM exceeded 10 lacs this year no exemption.
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