SIR,
GOVT HAS ANOUNCED THAT "Composition dealers to be allowed to supply services (other than restaurant services), for upto a value not exceeding 10% of turnover in the preceding financial year or Rs 5 lakhs whichever is higher"
MY QUESTION IS - HOW MUCH WOULD BE THE RATE OF TAX?? SHOULD WE COLLECT 18% FROM SERVICE RECEIPIENT PAY TO THE GOVT OR WE HAVE TO PAY 1% OF SERVICE TURNOVER..?? KINDLY CLARIFY MY DOUBT..
THANK YOU.
CAclubindia
