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Service tax query
if my turnover is less than 10lakhs. does that mean I still have to charge service tax in invoice from customer for that particular FY?
Replies (1)
No
Two situations we need to evaluate to decide whether to collect ST or not
1.IF IN THE PREVIOUS YEAR(PY) THE VALUE OF TAXABLE SERVICES IS LESS THAN Rs.10LAKHS
If the value of taxable services exceeds Rs.10 Lakhs (during the current year) only then the service tax to be collected. ST to be collected on the amount exceeding Rs.10Lakhs.
2.IF IN THE PY VALUE OF TAXABLE SERVICES EXCEEDS Rs.10 LAKHS
from the very 1st rupee of Taxable service we have to collect Service Tax.
Once the value of taxable service exceeds Rs.9 Lakhs, within 30days we need to get ST Registration.
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