New taxable service for an old company

A compnay was in the business of HOTEL industry which has been made taxable in Service Tax from 1st of MAY, 2011.

The company had collection of 50 lakhs as room rent in the previous year.

My Question is whether the company has to pay service tax from 01/05/2011 only or should it wait for its receipts to cross 10 lakhs before starting payment of service tax as this is a new service.

Will the compnay be eligible for 10,00,000 exemption or not.?

Regards