Turnover not exceeding rs. 10 lakhs

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2012 Hi,

A company not registered under income tax department but they are raising invoices with service tax and service tax also not paid (bcoz their total turnover not exceeding Rs. 10 Lakhs). this is correct or not.

Pls clarify.

PUNEET GOYAL

PUNEET GOYAL (Expert)
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02 May 2012 If an assessee fulfill requirement of NN 06/2005, then he is not required to pay service tax upto value of service of Rs. 10 lac. However if he is collecting service tax even if value not exceeding rs. 10 lac then he has to deposit service tax as per provision of section 73A.

Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2012 Deposit means which mode? can u explain briefly, please.

PUNEET GOYAL

PUNEET GOYAL (Expert)
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03 May 2012 Deposit means tax collected from client to be deposited to government.

Querist : Anonymous

Querist : Anonymous (Querist)

05 May 2012 This deposit is refundable?

PUNEET GOYAL

PUNEET GOYAL (Expert)
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05 May 2012 It is not refundable

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Turnover not exceeding rs. 10 lakhs

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