A service provider is registered under service tax and obtained ST number in 2014-15 in auxiliary business services. In 2015-16 his gross income from any taxable services is not likely to exceed Rs 10 lakhs. Can he discontinue charging of service tax in his invoices, even without surrendering his registration number?
Read more at: /experts/ask_query.asp
Menu
St when gross income less than 10 lakhs
Replies (2)
1) Service Tax is not paid on income, but on Gross receipts / Billing of taxable services
2) all taxable services would be compunded for the purpose.
if gross receipt of business is below 10 lacs in FY 14-15 then meet your superintendent and submit the facts, on verification he can guide you better
Service providers whose taxable services in the PY is <=10 lacs are SSPs in the CY. So if previous year turnover has not exceeded the limit, then there is no need to charge ST in the current year till u reach the exemption limit. However, u will have to file nil ST3 return during the current year. There is no need to surrender the registration.
Recent Topic
- Revamped traces portal, conso file download failed
- Due date of ITR for Option Trader
- Cancelled invoice entry
- Debt Mutual Fund Tax in New Regime
- Amount distributed by a Co-op. Hsg Society to its
- Delayed reported invoice in GSTR1
- Kusumgar IPO Listing Date: Shares Debut on BSE, NS
- When is Diwali in 2026? Date, Muhurat Timing and D
- Amount received by son from PPF closure proceeds o
- Clarification on Nature of Payment Code for NRI Pr
Related Topics
CAclubindia
