Hello friends,
I run a small academy. I have this C.A. who is a lawyer also. He charges me a bomb everytime he does any thing for me. I had a few queries about service tax :
Do I need to pay S.T. before I make Rs 10 lac in a year ?
After I cross 10 lacs, and I make my eleventh lac, will I pay tax on 1 lac, or full 11 lacs ?
How much does Service tax filing cost ?
Can it be done by a layman like me online ?
Kindly respond soon as I am meeting him today.
Thank you.
You can enjoy basic exemption of Rs. 10L during the financial year. As you cross Rs.10L, you are liavle to pay tax only on the amount in excess of Rs.10L and not on the whole amount from Re.1. But once you cross Rs.10L this year , you cannot enjoy the basic exemption of Rs.10L next year. Moreover, if you are franchisee of another institution or using any trade name belonging to another, you are not entitled for the exemption. Further, if you have branches, value of service at all the branches is agggregated for the exemption of Rs.10L.
When your turnover crossed 9 lac, ST Registration mandatory
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