Jayesh Morbia (Cheif Accountant) (84 Points)
09 April 2010Dear Friends
We have S.tax regn since 3 years, but in FY 2010-2011 my receipt is only 500000/-, shud i need to pay service tax or can claim exemption as my receipt is less than 10 lakhs.
In prev year i.e FY 2009-10 my receipts were Rs 800000/- and had paid Service tax accordingly.
Kindly help
regds
Jayesh
Chintan Vasa
(CA Final Student M.Com)
(1241 Points)
Replied 09 April 2010
No there is no requirement to pay service tax for the year 2010-2011 as during the previous year your receipts were below the basic exemption limit. However it is important to note that if any service tax is collected then it needs to be paid irrespective of the fact that u fall below the exemption limit.
SUNIL GARG
(CHARTERED ACCOUNTANT)
(175 Points)
Replied 11 April 2010
Dear Jayesh,
Since your receipts in FY 09-10 were less than Rs. 10 lacs, you are not required to charges S T in FY 10-11 upto 10 lacs but from 10,00,001 you will have to charge Service Tax.
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