21 January 2014
Can a Partnership Firm whose Previous year turnover was less than Rs 50 lacs can pay Service Tax on receipt basis or not for the quarter Jan- March14
In case of individual / partnership firms (including LLPs) whose aggregate value from one or more premises is Rs.50/- lakhs or less in previous financial year , the service provider may pay tax on receipt basis up to Rs.50/- lakhs taxable value. Beyond Rs.50/- lakhs, service tax will have to be paid on the mercantile basis on the basis of issue of invoice. Please refer notification 3/2012 dated March 17,2012.
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