Please suggest on Service Tax

This query is : Resolved

Vijay Kr. Mishra (Querist)
Follow

10 February 2010 At present exemption limit of Service Tax is Rs.10 lakh, my turnover is Rs.8 lakh. Can i charge Service Tax from my clients & is i am liable to deposit that realised service tax into Central Government Account? Please suggest, Thanks.

Rahul Gupta

Rahul Gupta (Expert)
Follow

10 February 2010 U can charge service tax only if you are registered with the authority and have the registration no.
Also, u are required to deposit the realised Tax with the govt.

CA Puneet Jethliya

CA Puneet Jethliya (Expert)
Follow

10 February 2010 As per service tax rules, your turnover exceeds the minimum exemption limit for registration purpose, so first u need to got regsitered with the authority.

Then now being the first year of your service u need not collect and pay service tax on the services provided upto Rs.10 lac being SSP.

Over the above limit you are liable to collect service tax and deposit the same to the govt. within the time specified therein./

Once u got registered u should mandatorily file STR.

Upgrade to CAclubindia Pro. Subscribe Now!

CA krishna Kamthe

CA krishna Kamthe (Expert)
Follow

10 February 2010 As per service tax if you cross 9 lakh turnover you need to register for service tax and after cross 10 lakh turnover need to deposite service tax.

CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)
Follow

10 February 2010 better not to take panga unless it becomes mandatory however you can do so if your input credit is worth

CMA Arif Farooqui

CMA Arif Farooqui (Expert)
Follow

15 February 2010 at present turnover u r not liable to register with deptt. but if u wish , u can registered and charged service tax. once u have charged tax , u have to deposit it to Govt.