I need an opinion about on which receipts limit of Rs. 10 Lakhs shall be taken. whether it will be taken including Service Tax or excluding it. For example, if receipts including Service Tax upto March is Rs. 1201950 & excluding Service Tax is Rs. 1069731. Now, on which portion service tax is payable? Please suggest me.
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Service tax rs. 10 lakhs exemption
Replies (12)
Service tax is payable on value of service as per the sec 66B of the act and if you have collected taxes also thn the amount should be reduced by service tax and in case no service tax is collected reverse calculation needs to be done by reducing the service tax amount and thus discharging service tax liability.
See firstly i suppose ur speaking about the 10 Lakhs exemption available for SME.
If you have collected service tax you have to pay it. you wont have an option of not paying and claiming exemption.
If you have not collected service tax atleast for the first 10 Lacs then you can claim the exemption .
Service tax is chargable on value of service excuding service tax .but if u have alredy collect it then ,it will subject to adjestment with output service tax.
I totally agree with Mr. Prakash kumar singh that if you have charged service tax then you have to pay it to the govt. Whether your total receipt exceeds 10lakhs or not.
as per your question you have charged service tax now you have to pay service tax and file service tax return.
Suchinder tanwar
Yes I agree with suchinder
I also agree wid suchinder .
Agreed with Suchider...
Agree with Mr Suchinder
thanks to all!!
Dear friends I have one query the exemption of 1000000 if services of previous year does not exceed 1000000 is applicable for once or it is based on every subsequent years company coming.
Mr. Rajeev
If in a f.y your gross receipt exceeds 9lakhs then you are required to get registered for service tax but you are not required to charge service tax.
once you exceeds the limit of Rs.10lakhs then you are required to charge service tax and once you charged service tax then you have to charge service tax on your services whether your total receipt in a f.y is below Rs.10lakhs or more then Rs.10lakhs.
thanks for sharing it
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