Exemption limit for small scale providers limit: budget 2012

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Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2012 Hello,

What is the exemption limit for Small Scale Service Providers which earlier was Rs.10 lacs(and Regn required when taxable services Rs.9 lacs) after budget 2012?

CA. Hari Kishan

CA. Hari Kishan (Expert)
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21 March 2012 There are no amendments to this.. in this budget..

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Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2012 I somewhere read that this has been increased to 50 lacs which was shocking but I cannot find reference to the same again. I think this was in the TOI newspaper front page on the day after the budget.

Have I misunderstood this then? Anything similar has now been changed to 50 lacs?

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Krishna Mohan

Krishna Mohan (Expert)
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21 March 2012 The limit for ST is still Rs.10 lacs only. Only payment of ST on accrual basis, which was introduced from April,2011 was removed for ST assesses, who are either individual or partnership firm, whose ST turnover in the previous year does not exceed Rs.50 lacs, can pay ST on collection basis. This facility is not applicable to Companies.

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Querist : Anonymous

Querist : Anonymous (Querist)

21 March 2012 Thanks for the clarification Krishna! :)