The following are the receipt details of an assessee:
FY RECEIPTS
2011-12 950000 (ST REGN TAKEN)
2012-13 1060000 (ST PAID & RETURN FILED)
2013-14 900000
My query is that in FY 13-14 assessee had receipts of Rs. 900000/- & also ST-3 of apr-sep has been filed , now can he surrender his st registration.
Manoj sir, assessee neither has any intention to close his business nor there exist any other reason for surrender other than receipts less than exemption limit. Now should i wait for FY 2014-15 & check whether receipts are less than exemption limit or should i surrender it now only.
Not advisable to surrender the registration just because the receipts will be below the limit.
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For this you may take the benefit of Notification No. 33/2012, dated 20.06.2012 (Exemption to small service providers) during FY 2014-15 and may claim exemption of upto Rs. 10 lakhs as the receipts in preceding FY (i.e. 2013-14) are less than 10 lakhs. You will be required to pay tax on receipts exceeding 10 lakhs.
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Para 2 of the said notification (which contains 8 conditions to be fulfilled for availing the benefit) states in its condition no. (viii) that,
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“the aggregate value of taxable services rendered by a provider of taxable service from one or more premises, does not exceed ten lakh rupees in the preceding financial year.”
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