Service Tax Exemption Limit
This query is : Resolved
15 November 2010
Dear Sir/ Madam,
Suppose, My turnover is 15 Lakhs, what amount I need to Pay the Service Tax for Rs. 15 Lakhs or for Rs. 5 Lakhs only
kindly advice me
regards
Chandrasekaran
Suppose, My turnover is 15 Lakhs, what amount I need to Pay the Service Tax for Rs. 15 Lakhs or for Rs. 5 Lakhs only
kindly advice me
regards
Chandrasekaran
15 November 2010
UP TO 10 LAKH IS BASIC EXEMPTION LIMIT.
ON NEXT 5 LAKH S.T. WILL BE PAID.
PLEASE NOTED ALSO THAT :-
Interest and Penalties/Late Fees
Nature of default Section Quantum
Interest on amount collected in excess 73B Simple interest @ 13% p.a.
w.e.f. 19th April, 2006.
Interest on delayed payment 75 Simple interest @ 13% p.a.
w.e.f. 10th September, 2004
Penalty for failure to pay service tax 76 Higher of Rs. 200/- or more per day or 2% of service tax p.m.
Late fees for delay in filing return 70(1)
&
Rule 7C • Rs. 500/- for delay up to 15 days
• Rs. 1,000/- for delay beyond 15 days upto 30 days
• Rs. 1,000/- plus Rs. 100/- per day for delay beyond 30 days
• CEO empowered to reduce or waive penalty (late fees) for delay in filing return where gross amount of service tax payable is NIL.
Failure to take service tax registration 77 Up to Rs. 5,000/- or Rs. 200/- for every day during which such failure continues, whichever is higher.
-
ON NEXT 5 LAKH S.T. WILL BE PAID.
PLEASE NOTED ALSO THAT :-
Interest and Penalties/Late Fees
Nature of default Section Quantum
Interest on amount collected in excess 73B Simple interest @ 13% p.a.
w.e.f. 19th April, 2006.
Interest on delayed payment 75 Simple interest @ 13% p.a.
w.e.f. 10th September, 2004
Penalty for failure to pay service tax 76 Higher of Rs. 200/- or more per day or 2% of service tax p.m.
Late fees for delay in filing return 70(1)
&
Rule 7C • Rs. 500/- for delay up to 15 days
• Rs. 1,000/- for delay beyond 15 days upto 30 days
• Rs. 1,000/- plus Rs. 100/- per day for delay beyond 30 days
• CEO empowered to reduce or waive penalty (late fees) for delay in filing return where gross amount of service tax payable is NIL.
Failure to take service tax registration 77 Up to Rs. 5,000/- or Rs. 200/- for every day during which such failure continues, whichever is higher.
-
15 November 2010
Hi
A service provider whose total value of services is less than Rs. 10 lakh in P Y
are note required to pay the service tax in C Y (current Year).till reach turnover of Rs 10 lakh.
therefore you need to pay the service tax on only 5 lakh.
A service provider whose total value of services is less than Rs. 10 lakh in P Y
are note required to pay the service tax in C Y (current Year).till reach turnover of Rs 10 lakh.
therefore you need to pay the service tax on only 5 lakh.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Tds on building rent monthly
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
