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New itservic firm - is service tax registration required ?

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Hi,

I have started new Private Limited Company.

When should i go for service tax.

I have got 3 projects. shall i go for service tax now or after a year.

As a new company, i heard that their is a tax exemption for a year up to 20 lakhs of transaction/ services.

Is it true. if not, what is the truth.

My client is asking for service tax number.

If i take service tax, should i file returns monthly ?

Kindly suggest.

Thank you.

Waiting for experts reply.

Replies (1)

Rajeev Kumar Garg

Consultant of Excise Customs & Service

550 Points Posted on 11 January 2013

Dear Mr. Gopi Krishna,

The threshold limit for exemption from service tax is Rs. 10 lakh only not Rs. 20 lakh. Service tax is applicable after crossing this limit. To get new registration will depend upon your turnover or you may get registration if your client requires it. All formalties will be made after getting registration.

For further clerification and procedure of registration , you may contact me.

Thanks.

Rajeev Kumar Garg

(M.Com, L.L.B.)

Consultant (Excise, Customs & Service Tax)

Ph. no. +91 7500802402