Basic exemption limit Rs.10.00 lalk applicable for all years
This query is : Resolved
26 March 2009
Is the Basic exemption limit of Rs.10.00 lakh applicable to all the forthcoming years after Registration of First Year ?
First year we have charged service tax.
In the subsequent year ,Whether we can wait
upto reach the Rs.10.00 lakh billing completed ? or
Is it mandatory to charge from the 1st billing ?
Please help to clarify the Query.
First year we have charged service tax.
In the subsequent year ,Whether we can wait
upto reach the Rs.10.00 lakh billing completed ? or
Is it mandatory to charge from the 1st billing ?
Please help to clarify the Query.
26 March 2009
You can wait upto reach the billing of Rs.10 Lakh. Its mandatory once you reach this specified amount.
26 March 2009
No, as you have to file your return half yearly.you have to charge service tax from the next year from the First bill.
27 March 2009
Thanks Mr.Lokesh and Mr.Sanjay for the clarification.
But one reply says we can wait upto Rs.10.00 lakh billing to reach for charging service tax in subsequent years.
Anothers reply says service tax is to be charged from the 1st billing in the next year.
Which one is correct to follow ?
some other members can clarify please.
But one reply says we can wait upto Rs.10.00 lakh billing to reach for charging service tax in subsequent years.
Anothers reply says service tax is to be charged from the 1st billing in the next year.
Which one is correct to follow ?
some other members can clarify please.
27 March 2009
Exwmption limit is to be waited only upto registration not there after.
Since registered you will charge Serv Tax from Ist Rupee in the subsequent year. But suppose you do not cross the floor Limit (exemption limit in that year)you can stop charging service tax in further subsequent year till you cross the exemption limit as prescribed in that year in consideration.
Chandrakant Ambani
Bombay
9819408963
9821240674
Since registered you will charge Serv Tax from Ist Rupee in the subsequent year. But suppose you do not cross the floor Limit (exemption limit in that year)you can stop charging service tax in further subsequent year till you cross the exemption limit as prescribed in that year in consideration.
Chandrakant Ambani
Bombay
9819408963
9821240674
27 March 2009
I agree with Chandrakant, Hope everything is clearified now.
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