The service tax levied @ 10% is very high. Most of the excisable goods are charged @ 8% and service tax should also be at the same level, if not lower.
The FBT is an expense in the hands of the company & should be deductible / set off against losses / P & L a/c.
The service tax exemption level of Rs 10 lacs should be raised to Rs 25 lacs.
We understand that various chambers have also asked for raising it to Rs.20 lakhs. Once GST comes there would be a common threshold limit.
CA Suraj Garg & Associates
New Delhi
CA Final
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Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Final
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Fytomax Nutrition Private Limited
Aurangabad
CA Inter
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CCI
Pro
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