excess of 10 lakhs

This query is : Resolved

jassy (Querist)
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20 November 2009 dear experts

if the service receipt in the last year exceeds 9 lakhs and got registered. can we claim exemption in the current year upto 10 lakhs receipt or we have to count the balance amount from the last year 9 lakhs i.e., 10 lakhs minus last year service receipt?

thanks in advance

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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20 November 2009 in current year you can avail exemption for wholle Rs.10 lakhs.

Sunil

Sunil (Expert)
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20 November 2009 Agreed with Expert Ravi. If provided your receipts was less than 10.00 lakhs, in the next accounting year you will continue to remain registered and you will be obliged to file the returns on due dates. However, your liability to service tax will start once you cross 10.00 lakhs in the year. Do not forget to file your nil returns as registration casts that obligation on you. Once you have crossed 10.00 lakhs in the year, your liability for service tax starts from day 1 in the next year.

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