Tax Liability

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 February 2011 We have taken registration under service tax rules. we have taken the registration expecting that our turnover will exceeds taxalbe limits ie 10 Lakhs. However our turnover for the previous year is only 7 Lakhs. My doubt is whether we are liable to pay tax on 7 Lakhs or whether it is excempted due to non achivement of taxable limit

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 February 2011 If u have collected service tax, you have to pay it to government. Otherwise u have no liability to pay service tax. However "nil" return has to be filed every half yearly, other wise possibility of levying late fee under rule 7C of the Service tax Rules,1994 can be expected.

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