basic exmption limit
This query is : Resolved
04 January 2010
kindly tell me the basic exemption limit
earlier and noe as on date
with notification
earlier and noe as on date
with notification
04 January 2010
Basic Exemption Limit is Rs. 10L.
04 January 2010
Pl refer notifications 06/2005 dated 01/03/2005, 04/2007 dated 01/03/2007 and 8/2008 dated 01/03/2008 in www. servicetax.gov.in.
04 January 2010
Rs. 10 lacs
04 January 2010
yes 10 lakhs
04 January 2010
This basic exemption limit provided in Notification No. 6/2005-ST has two aspects.
First 10 lakh for the current financial year is aggregate of first consecutive receipt for taxable service amount (excluding exempted service amount). In this provision the excess amount receipt shall be liable to service tax.
The second 10 lakh pertaining to preceding year is for value of taxable service (including exempted service) rendered in the preceding year.
This exemption is not applicable for the person liable to pay tax in terms of the section 68(2).
First 10 lakh for the current financial year is aggregate of first consecutive receipt for taxable service amount (excluding exempted service amount). In this provision the excess amount receipt shall be liable to service tax.
The second 10 lakh pertaining to preceding year is for value of taxable service (including exempted service) rendered in the preceding year.
This exemption is not applicable for the person liable to pay tax in terms of the section 68(2).
04 January 2010
Agree, Rs. 10 lakhs
08 January 2010
yes
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