Taxation applicable
This query is : Resolved
28 April 2012
If an assessee gross turnover was Rs.800000/- in F.Y. 2009-2010 and in F.Y. 2010-2011 the gross turnover is Rs.1150000/- then for F.Y. 2010-2011 Service Tax will be applicable at Rs.1150000/- or Rs.150000/- (1150000-1000000).
Subsequently in F.Y.2011-2012 if gross turnover is Rs.500000/- then whether Service Tax will be applicable or not ?
Subsequently in F.Y.2011-2012 if gross turnover is Rs.500000/- then whether Service Tax will be applicable or not ?
CA Prashant Gupta
(Expert)
28 April 2012
Service tax will be applicable on 1.50 lacs, that is excess of Rs. 10 lacs in first year.
If the tunover is less than 10 lacs in consecutive 3 years then you dont have to charge service tax, otherwise you have to charge.
If the tunover is less than 10 lacs in consecutive 3 years then you dont have to charge service tax, otherwise you have to charge.
28 April 2012
FY 2009 - 10 - Nil
FY 2010 - 11 - 1,50,000/-
FY 2011 - 12 - 5,00,000/-
FY 2010 - 11 - 1,50,000/-
FY 2011 - 12 - 5,00,000/-
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