28 March 2008
will the basic exemption limit of rs 800000 be deducted from the total receipts to arrive at the figure that is taxable under service tax. is there any such provision for a first time service tax payer?
28 March 2008
Yes. For service provider coming under the tax net for the very first time, the receipts amounting to Rs. 10 lakhs(Rs. 8 lakhs upto 31.03.2008) is exempt.
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