14 December 2012
Our firm is having income of building rent of Rs.1 lac per month. As per my knowledge service tax registration limit is RS.10 lacs for the financial year. Please confirm this limit. And also confirm that when we take service tax registration after income exceeding 10 lacs whether previous amount attract service tax i.e. RS.1 to 10,00,000/- or not? or service tax payable only excess of Rs.10 lacs billing.
14 December 2012
Sir, Present Service tax rules are as follows: If your turnover exceeds Rs. 10 lacs in previous year then you need to pay s.tax on the turnover above Rs. 10 lacs. On crossing Rs. 9000000 you need to obtain serv tax. So in your case s.tax will not be attracted on Rs. 10 lacs but will be attracted after that. I hope it will suffies you.
CAclubindia
