basic limit

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ATIT D SHAH (Querist)
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11 October 2008 in service tax whether there is basic exemption of Rs.1000000/- for all years or once ? e.g. in F.Y. year 2006-07 my taxable services were 1100000/- but in F.Y. 2007-08 it was 700000/- only so whether i m liable to pay/collect service tax in F.Y. 2007-08...?

Yatesh Prakash Renuke

Yatesh Prakash Renuke (Expert)
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11 October 2008 Exemption limit of Rs. 10 lakhs is for the F.Y. 2008-09 For F.Y. 2007-08 exemption limit was Rs. 8 lakhs.

So if for current year your turnover of taxable services exceeds Rs. 10 Lakhs Then you have to pay service tax. If exemption limite changes for F.Y. 2009-10 to 15 Lakhs, then it will be for F.Y. 2009-10.

For further descrepancies you may contact me on my cell no. 940 33 555 99 or 97 666 439 55. or mail me on cayateshrenuke@gmail.com

Regards'

Yatesh Renuke