Dear Sir,
My self piyush panchal and i want to know what is the applicability of service tax [Service tax limit] for Banking and Financial Serivces. My client have started his firm from last 6 months and his gross receipt is about 9 lacs to 9.50 lacs.
Whether there is requirement of service tax registration number or not
The Service Act says that one need to have take his Firm registered as and when your turnover is Rs 9.00 Lacs and you will charge the service tax after your turnover exceeds Rs 10.00 Lacs.
So, you have to get your firm registrered with Service Tax authorities
Regards
CA Amit Kumar Hallen
As per service tax rule trashhold limit of Registration under service tax is Rs. 9 lac per annum .
Mr.Panchal Piyush
Exceeding 9lacs - registration compulsory
Please register the firm with service tax commissionerate and get the service tax number.....
the registration should only be done through this site....
www.aces.gov.in
Dear Piyush
Limit for service tax liability of Rs. 10 Lacs, but after exceeding 9 Lacs you will have to registered.
See Notification No. 8/2008/ and 9/2008.
According to the Service tax Rule that Assessee have to take his Firm registered as and when your turnover is Rs 9.00 Lacs and you will charge the service tax after your turnover exceeds Rs 10.00 Lacs
So it should be registered in sevice tax
my query in this regard is that if in any F.Y. say 2009-10 turnover is 750000 and and in in F.Y.2010-2011 it is 300000. then whther in 2010-2011 he is to got registration done for service Tax?
Dear Naiyer,
The turnover criterion is for a single financial year and not cumulative in nature and hence the turnover of Rs 9.00 lacs is for a financial year.
amit is right........................
CCI
Pro
CAclubindia
