Work contarct
This query is : Resolved
10 February 2016
Is the Basic Exemption of Rs.10 Lakh available against Work Contract Services
10 February 2016
The Finance Act 2012, has amended the provision relating to small scale exemption recognizing that the aggregate value up to Rs 10 Lakhs will be in terms of invoices issued/to be issued for taxable services and not payments received.(Notification no.33/2012-ST dated 20.6.2012). This is w .e .f 1.7.2012.
13 February 2016
In case of taxes payable by service recipients there is no threshhold exemption. If Reverse Charge is payable by a recipient, it is from the very first invoice paid.
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