Since from FY 07-08 the limit of exemption for small sevice provider is 8 lacks then if service turnover is exceeds to 10 lakhs then sevice tax would be applicable for whole 10 lakhs or additional 2 lakhs only?
49 Replies
ravellashyam
(Tax Adviser)
(38 Points)
Replied 27 February 2008
service tax is exempt upto 8 lacks in the last 12 months period and not the previous years or if our estimated turnover on newly started business is more than 8 lacks we have to get retistrations by applying in form no.ST-1
but the service tax people are insisting on the payment of service tax on whole 8 lacks before registration
but the service tax people are insisting on the payment of service tax on whole 8 lacks before registration
CA O.P. SINGH
(O P Singh & Co.)
(426 Points)
Replied 28 February 2008
it will be only on receipt exceeding 8 lakh
Rakesh
(Asst Manager)
(209 Points)
Replied 28 February 2008
it ll be on the additional receipt of 2 lakhs only
CA Hemant T Dewani
(Chartered Accountant)
(3356 Points)
Replied 28 February 2008
in the f y 07-08 if your receipt is in excess of rs
8 lk then you are liable to service tax and your services are including of service tax if you are not charged seperatly service tax
but in the following year your tax liability is from first rs.eight lakhs exemption is not available to you to the subsequent year
C.Giridhar Krishna
(CA Final Student)
(85 Points)
Replied 28 February 2008
Can I have the section for exemption limit for service tax? Another issue is, the rent for the Financial Year 2007-08 as per the agreement is Rs. 18 lakhs. The agreement is entered during the month of June 07 in the name of Mr. X. Mr. X died on August 07 and the rent is received by his son Mr. Y thereafter. Should Mr. Y include in his taxable service the amount received by Mr. X also for charging service tax? Please reply
C.Giridhar Krishna
(CA Final Student)
(85 Points)
Replied 28 February 2008
Can I have the section for exemption limit for service tax? Another issue is, the rent for the Financial Year 2007-08 as per the agreement is Rs. 18 lakhs. The agreement is entered during the month of June 07 in the name of Mr. X. Mr. X died on August 07 and the rent is received by his son Mr. Y thereafter. Should Mr. Y include in his taxable service the amount received by Mr. X also for charging service tax? Please reply
C.Giridhar Krishna
(CA Final Student)
(85 Points)
Replied 28 February 2008
Can I have the section for exemption limit for service tax? Another issue is, the rent for the Financial Year 2007-08 as per the agreement is Rs. 18 lakhs. The agreement is entered during the month of June 07 in the name of Mr. X. Mr. X died on August 07 and the rent is received by his son Mr. Y thereafter. Should Mr. Y include in his taxable service the amount received by Mr. X also for charging service tax? Please reply
OFFICESELVA
(Service)
(515 Points)
Replied 28 April 2008
Rental income only. I assumed that you have not received any income (big or small) by rendering any other taxable service.
CA H M JOHARI
(CHARTERED ACCOUNTANT)
(191 Points)
Replied 29 April 2008
Is there any exclusion for basic exemption limit like DSA of BANKs Finaancial Companies (NBFC)
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