I have income from 2 ways. One from commercial rental which is 10.5 lacs per year and another from public job milling in my factory of foodgrains which is 4 lacs per year. Shall I have to pay service tax on both public milling of foodgrains and commercial rent or only on commercial rent? Threshold is decided on total revenue of the person or or on basis of different divisions of business?
Menu
Service tax thershold
Replies (2)
The exemption is available upto 10 lakhs when the previous year taxable services does not exceed 10 lakhs.
In this case clearly less and therefore available. When the same money is recived there cannot be any tax since it was exempted. Consequentl;y only the services provided and amounts recived upto 1.7.2011 + billing/ completion after that date would be totalled. If this does not exceed Rs. 10 Lakhs there is no liability. Advisable to register when you reach 9 lakhs and start billing the ST once the ST number is allotted.
Mr. Ramesh threshold means the amount of total taxable turnover as per the last fiscal, and not turnover of any specific business. It appears that you are liable to pay Service Tax on the entire turnover as it exceeds 10 lac limit. If not paid have to be discharged with interest and penalties.
Recent Threads
- GST Export Refund
- Missed Deadline of Form 10AB. What Should be next
- Rural land near mining zone
- Partners rental income
- Donation deduction in ay 22-23
- ITR Filing for NRI (Dubai) – TDS u/s 194H &a
- CA Final Group 1 Exam - AFTER A LONG GAP
- What accounting software works best for small busi
- Accumulated amount received from pf account
- Sec.10 (10D) Tax Benefit not available to PaidUp p
Related Threads
CAclubindia
