Transport Business
This query is : Resolved
23 April 2009
An Individual in the business of providing Cab Facility to companies and has Annual income less than 8 lakhs. Will he be liable to any other taxes other than Income Tax? And should he be coming under Service Tax or under VAT?
It will be great if I get a quick reply to this. Thank you for your support.
It will be great if I get a quick reply to this. Thank you for your support.
23 April 2009
Rental income of plant & machinery will be covered under vat. As in your case CAB if plant & machinery of the operator of the business. It is better if you check that in the VAT act for further classification.
For service tax as your total receipts is less than 12L (basic exemption of service tax). So in your case you will not be covered under service tax.
For service tax as your total receipts is less than 12L (basic exemption of service tax). So in your case you will not be covered under service tax.
24 April 2009
Thank you very much for this quick clarification. It helps a lot
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