hello freinds,
as per the requirement of Notification No. 6/2005-ST Dated 1-3-2005 as amended of Service tax, any firm is responsible to get itself registred whenever its gross receipts of tax serivce during the year exceed9lacs. The firm exceed the limit on 2 june of an year, then please suggest that the service tax will payable for the current year from 1st april? or can say that the service tax due from 1 st april? plz suggest?
As understood, the question is on what amount would ST be applicable if 10 lakhs exceeded in the middle of the year.
Assuming that the service provider is eligible for exemption then for taxable services provided beyond Rs. 10 Lakhs only ST is payable after registration.
Say total in 2010-11 is 13 L then on 3 lakhs only ST would be liable.
Agreed with Mr. Madhukar
CAclubindia
