Taxation applicable
This query is : Resolved
28 April 2012
If an assessee gross turnover was Rs.800000/- in F.Y. 2009-2010 and in F.Y. 2010-2011 the gross turnover is Rs.1150000/- then for F.Y. 2010-2011 Service Tax will be applicable at Rs.1150000/- or Rs.150000/- (1150000-1000000).
Subsequently in F.Y.2011-2012 if gross turnover is Rs.500000/- then whether Service Tax will be applicable or not ?
Subsequently in F.Y.2011-2012 if gross turnover is Rs.500000/- then whether Service Tax will be applicable or not ?
28 April 2012
Service tax will be applicable on 1.50 lacs, that is excess of Rs. 10 lacs in first year.
If the tunover is less than 10 lacs in consecutive 3 years then you dont have to charge service tax, otherwise you have to charge.
If the tunover is less than 10 lacs in consecutive 3 years then you dont have to charge service tax, otherwise you have to charge.
28 April 2012
FY 2009 - 10 - Nil
FY 2010 - 11 - 1,50,000/-
FY 2011 - 12 - 5,00,000/-
FY 2010 - 11 - 1,50,000/-
FY 2011 - 12 - 5,00,000/-
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