10 August 2013
We are claiming SSI exemption since gross amount of invoice raised in preceding year was below 10 lakhs. now in this year we have so far raised invoices upto 9.50 lakhs and expecting to cross over 10 lakhs but the total amount received is below Rs. 10 lakhs.
My question is (1) on crossing the invoice above Rs. 10 lakh we have to charge service tax. but from what point we have to make payment from the day where the invoice cross the limit of Rs. 10 lakhs or when the amount received over rs. 10 lakhs.
since our total gross receipts will not increase Rs. 50 lakhs and we have option to pay on receipt basis. urgently