Exemption of rs 9,00,000.00
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 January 2012
DEAR EXPERT,
PLZ CLEAR MY CONFUSION , WHEATHER EXEMPTION OF SERVICE TAX UPTO RS. 9 LACS IS AVAILABLE EVERY FINANCIAL YEAR ?
FOR e.g. IN FIRST YEAR AMOUNT REEIVED IS RS.12 LACS SO,HENCE TAXABILE THEN IN SECOND YEAR AMOUNT RECEIVED IS RS 5 LACS , WHEARTHER IN IInd YEAR IT IS EXEMPT FROM TAX OR NOT ....
PLZ CLEAR MY CONFUSION , WHEATHER EXEMPTION OF SERVICE TAX UPTO RS. 9 LACS IS AVAILABLE EVERY FINANCIAL YEAR ?
FOR e.g. IN FIRST YEAR AMOUNT REEIVED IS RS.12 LACS SO,HENCE TAXABILE THEN IN SECOND YEAR AMOUNT RECEIVED IS RS 5 LACS , WHEARTHER IN IInd YEAR IT IS EXEMPT FROM TAX OR NOT ....
21 January 2012
1000000 Exemption is only for First Taxable Turnover 1 yr,
900000 Turnover limit is for Registration
900000 Turnover limit is for Registration
22 January 2012
Exemption is available if your total amount of receipts in precededing financial year doesn't exceed Rs. 10 lac.
In Your case In first year You have amount received of Rs. 12 lacs, You will have to pay service tax on Rs. 2 Lac.
In next F.Y. since your turnover in previous F.Y. was more than 10 lac, You will have to pay service tax on Rs. 5 Lac.
Further, in next F.Y. you will get the benefit of exemption of Rs. 10 lac for first gross receipts because your amount received in previous F.Y. was less than 10 lacs( only 5 Lacs )
In Your case In first year You have amount received of Rs. 12 lacs, You will have to pay service tax on Rs. 2 Lac.
In next F.Y. since your turnover in previous F.Y. was more than 10 lac, You will have to pay service tax on Rs. 5 Lac.
Further, in next F.Y. you will get the benefit of exemption of Rs. 10 lac for first gross receipts because your amount received in previous F.Y. was less than 10 lacs( only 5 Lacs )
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 January 2012
DEAR EXPERT,
ABOVE REPLY MAY HAVE CONFLICT TO EACH OTHER PLZ CLEAR AGAIN
THANKS
ABOVE REPLY MAY HAVE CONFLICT TO EACH OTHER PLZ CLEAR AGAIN
THANKS
21 July 2024
This limit was ₹10 lakhs turnover in a financial year (₹9 lakhs for the North-Eastern states and Sikkim).
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