Thresh hold limit
This query is : Resolved
02 July 2013
Sir
I am a practicing CA and my gross receipts for FY 12-13 is Just below Rs 9 Lakhs. As per the service tax rules I am liable to take ST registration when the turn over exceeds Rs 9 Lakhs.I expects that this financial year, ie,2013-14, my turn over exceeds rs 9 Lakhs.In such a case when Iam liable for ST registration and to pay service tax .In next year( FY 2014-15) whether I am laible to pay Service tax for the entire receipts or in excess of Rs 10 Lakhs. Please advice
Rgds
I am a practicing CA and my gross receipts for FY 12-13 is Just below Rs 9 Lakhs. As per the service tax rules I am liable to take ST registration when the turn over exceeds Rs 9 Lakhs.I expects that this financial year, ie,2013-14, my turn over exceeds rs 9 Lakhs.In such a case when Iam liable for ST registration and to pay service tax .In next year( FY 2014-15) whether I am laible to pay Service tax for the entire receipts or in excess of Rs 10 Lakhs. Please advice
Rgds
02 July 2013
Dear Jayakumar,
You need to take registration when your gross receipts exceed 9 lakhs in 2013-14 and to pay tax when your receipts exceed 10 lakhs.
also in 2014-15 you need to charge and pay service tax on entire receipt.
regards
CA Vipin Jain
You need to take registration when your gross receipts exceed 9 lakhs in 2013-14 and to pay tax when your receipts exceed 10 lakhs.
also in 2014-15 you need to charge and pay service tax on entire receipt.
regards
CA Vipin Jain
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02 July 2013
Upto the 10 lakhs no need to pay service tax and registration is also not required.
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02 July 2013
Kindly refer to the two opinions which is contrary and I am not clear which is correct.Please enlighten me with relevant provisions in Service Tax rules
02 July 2013
Refer section 66B,
1)Service Tax act/Rules has provided exemption to small scale service provider from service tax up to aggregate value of taxable services provided of 10 lakh in a Financial Year.
2)If in the previous financial year the aggregate value of taxable services provided by you was less than Rs.10 lakh and in the present financial year the aggregate value of taxable services provided by you is also less than Rs.10 lakh. Then no need to pay service tax.
3)If in the previous financial year aggregate value of taxable services provided was less than 10 lakh but this year aggregate value of taxable services provided is more than 10 lakh them you start paying service tax after crossing the threshold of Rs 10 lakh.
4)If in the previous financial year aggregate value of taxable services provided was more than 10 lakh but this year aggregate value of taxable services provided is less than 10 lakh them you start paying service tax from rupee one.
5)The Finance Act 2012, has amended the provision relating to small scale exemption recognizing that the aggregate value up to Rs 10 Lakhs will be in terms of invoices issued/to be issued for taxable services and not payments received.
(Notification no.33/2012-ST dated 20.6.2012). This is w .e .f 1.7.2012.
Thanks & regards
Ganesh babu k
Refer section 66B,
1)Service Tax act/Rules has provided exemption to small scale service provider from service tax up to aggregate value of taxable services provided of 10 lakh in a Financial Year.
2)If in the previous financial year the aggregate value of taxable services provided by you was less than Rs.10 lakh and in the present financial year the aggregate value of taxable services provided by you is also less than Rs.10 lakh. Then no need to pay service tax.
3)If in the previous financial year aggregate value of taxable services provided was less than 10 lakh but this year aggregate value of taxable services provided is more than 10 lakh them you start paying service tax after crossing the threshold of Rs 10 lakh.
4)If in the previous financial year aggregate value of taxable services provided was more than 10 lakh but this year aggregate value of taxable services provided is less than 10 lakh them you start paying service tax from rupee one.
5)The Finance Act 2012, has amended the provision relating to small scale exemption recognizing that the aggregate value up to Rs 10 Lakhs will be in terms of invoices issued/to be issued for taxable services and not payments received.
(Notification no.33/2012-ST dated 20.6.2012). This is w .e .f 1.7.2012.
Thanks & regards
Ganesh babu k
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03 July 2013
Thank you for the detailed reply.Now I am clear
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