Hello sir,
If an assessee is providing services but the same was exempt till june, 2012 but with introduction of negative list approach under service tax the service becomes taxable. Would anyone tell me from which date the calculation for basic exemption limit is to be made i.e. first 10 lakhs of turnover. From july or the turnover of earlier period will be counted..??
From 1/07 of the year to take
July Onwards
The views above are in agreement with the Notification No.33/2012-ST dated 20 June 2012, as the turnover for Rs.10 Lakhs would be counted in this case from 1 July 2012 and since, the turnover in the previous for the taxable services was zero, you are eligible for the turnover limit of Rs.10 Lakhs.
If the service was wholly exempted, then it doesn't form part of the 'aggregate total turnover' as per notification no. 33/2012. So the invoice issued on of after 01/07/2012 will be counted.
Note: The benefit of threshold exemption of Rs. 10 Lacs is not available to the service receivers liable to pay service tax under reverse charge vide not. no. 30/2012.
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