I render the services of tour operator agent. Now I have started my business this year. Say if my turnover crosses 10 lakh this in the first year of operation. DO i need collect service tax. Becoz the act uses the preceding financial year.
5 Replies
valji
(Accounts manager-MBA)
(2150 Points)
Replied 17 November 2011
when your turnover cross the limit 9 lakhs you have to register for service tax & if reach upto 10 lakhs then you have to pay service tax
ACMA Obulirajan R
(M.Com, ACMA)
(1119 Points)
Replied 17 November 2011
Yes you need to pay service tax.. However at the initail stage you will not come to know as to how much your total turnover would be.. but during the year if your turnover crosses 10 lakhs then u need to start paying service tax for the turnover only above 10 lakhs.
CA Unnikrishnan Nair N
(Chartered Accountant)
(2083 Points)
Replied 17 November 2011
Being first year of business you are eligible for exemption up to Rs.10L provided you are not using trade name belonging to others.
CA Chandani
(CA)
(217 Points)
Replied 17 November 2011
Being first year so elgible for exemption of 10 lac.....also register if u cross turnover of 9 lac.
bharath
(student)
(96 Points)
Replied 17 November 2011
what are changes applicable for ipcc nov2011 in detail both regarding recognitionof tax and in taxable services
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