please any body clary fy my doubt
if a person turnover in the year 2008-9 is 1100000, then for 09-10 ten lac exemption is not available. so he is collecting service tax on services provieded by him in 09-10. IF IN THE YEAR 09-10 TURN OVER IS NOT EXCEEDING 10 LACS THEN THE EXEMPTION IS AVAILABL TO 10-11 OR NOT ? PLEASE ANY BODY clarify my doubt
Please note the exemption for small service provided is as under
If turnover in current year exceeds 10,00,000 then ST to be deducted on taxable service value in excess of 10,00,000
If turnover in previous year exceeds 10,00,000 then ST is deductible for the current year
Therefore the answer is YES exemption can be availed in 2010-11 since turnover in 2009-10 is below the threshold
Dear Sanjay
Roshan is right.
CAclubindia
