Hey friends have a question regarding service tax.
1) If i apply for volountary registration for service tax number even though my turnover has not crossed 9 lakhs will i be liable to collect service tax? Or I can have the number and start collecting service tax after crossing 10 lakhs?
Depends on your wish. You can start collecting service tax, if u want, from the first transaction itself, however, then you will have to continue for the whole financial year. In case you only get registered and does not collect service tax, you will have to file ST-3 returns regularly. So its better to get registered after crossing turnover of Rs. 9 lakhs because after taking registration, you have to discharge your statutory obligations of filing returns and deposit of tax, if collected.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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