Hi all,
I am a little confused. Notification No. 25/2012 dated 20.06.2012 exempts "service provided by an individual as an advocate or a partnership firm of advocates by way of legal services to a business entity with a turnover up to rupees ten lakh in the preceding financial year". What does the term "turnover" out here implies? Is it aggregate turnover or just turnover of taxable services. Please reply ASAP.
Recipient of service should be a business entity and turnover of the unit is more than 10 lakh then liable to pay service tax under reverse charge system vide notification no. 30/2012-ST.
Sorry to correct you Mr. Arun. I understand that there is no SSI Exemption in reverse charge. But as the Notifications clearly states that in the preceding year the business entity need to have a turnover exceeding Rs. 10 lakhs, therefore, there is requirement to consider the turnover of the business entity. Therefore, my question is valid I suppose.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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