Basic expemtion limit of Rs. 10.00 lakhs is applicable to branches also if seperately registered or the person as a whole. Like in case of a banking company having several branches independantly registered and accounting income at branch level.
Rama (CA) (35 Points)
29 April 2008Basic expemtion limit of Rs. 10.00 lakhs is applicable to branches also if seperately registered or the person as a whole. Like in case of a banking company having several branches independantly registered and accounting income at branch level.
OFFICESELVA
(Service)
(515 Points)
Replied 29 April 2008
The basic exempiton of Rs.10 Lakhs will be available only for the taxable turover of that particular PAN. So that will also include the turnover of branches also.
Rama
(CA)
(35 Points)
Replied 04 May 2008
Please clarify with context to the provisions of the service tax act. Central Co-operative Banks carryimg on Banking businesss through branches will gate benefit of exemption of Rs.10.00 lacs
OFFICESELVA
(Service)
(515 Points)
Replied 04 May 2008
As for as I know, any central co-operative bank will have only one PAN. Branches if they are registed seperately will have STC No. ending with 001, 015, 040 etc., The balance sheet will be common. So if you are seeking exemption the charges collected by all the branches should be taken into account.
Is it not banking charges collected are coverd under service tax net with effect from 10/09/2004 onwards?
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