11 March 2008
Small service provider - annual exemption limit increased from Rs. 8 lacs to Rs. 10 lacs with effect from 1st April 2008
A long-time registered service tax assessee received the following payment during financial year 2007-8 :- Amount excluding service tax and cess : Rs. 6.50 lacs Amount of service tax and cess : Rs. 0.80 lacs Amount including service tax and cess : Rs. 7.30 lacs
Upto what turnover level (excluding service tax and cess) during financial year 2007-8, would it allow the Rs. 10 lacs exemption to be availed in financial year 2008-9?
I just need clarity on one part of my query, i.e., what should be the maximum turnover (excluding service tax & cess) during 2007-8? If such turnover is more than Rs. 8 lacs for 2007-8, can the exemption still be availed in 2008-9?
The figures given in my query pertained to receipt of payments in 2007-8.
CAclubindia
