Sr. Executive
167 Points
Posted on 30 October 2013
Since the firm had applied Scheme under VCES where:
Service Tax Voluntary Compliance Encouragement Scheme, 2013 provides you with a golden opportunity to pay all your ‘tax dues’ from the period 01.10.2007 to 31.12.2012 without interest, penalty and other legal proceedings including prosecution. Apply on or before 31.12.2013 in the prescribed format.
The firm is eligible for exemption of 10 lacs on current turnover of 12.5 lacs i.e. Service tax will be chargeable on 2.5 lacs.
Provided that:
the firm can opt to pay service tax on cash receipt basis if the value of taxable service does not exceeds 50 lacs in the financial year.
Also the firm will not be entitled to claim exemption of 10 lacs in F.Y. 2013-14 as the value of taxable service provided in 2012-13 exceeds 10 lacs.
2011-12 is rs.970000
Read more at: /forum/details.asp?mod_id=269207&offset=0
2011-12 is rs.970000
Read more at: /forum/details.asp?mod_id=269207&offset=0