05 May 2013
Dear Members I have to know that if any individual is running business of "Mess" & having turnover Rs. 15 Lakhs then which taxes are applicable?? He have to register for service tax, VAT along with his individual PAN or new PAN is to be applied in the name of the firm??
20 June 2013
Since your turnover has exceeded you are liable for service tax as you are rendering the services to the students or other persons by way of providing them food. Since you are not registered under any act you cannot claim composite scheme. On the TO of 15L you have to pay Income Tax if the net profit exceeds the minimum amount liable for income tax.
CAclubindia
