St surrender

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.”