Hardik (CA Article Assistant) (98 Points)
28 October 2013hello everyone...!
partnership firm wants to apply for VCES as they have not paid service tax earlier, i have doubt regarding basic exemption of rs.1000000.
rental service provided by the concern in
2009-10 is rs. 935000
2010-11 is rs.1005000
2011-12 is rs.970000
2012-13 is 1250000
is service tax applicable on all rental income is f.y.2012-13 of rs. 1250000 or on rs.250000 only?
please guide me in this matter. thank you
Manoj Agarwal
(Service Tax Consultant Rourkela ServiceTaxExpert@yahoo.com)
(3456 Points)
Replied 30 October 2013
In FY 2012-13, pay tax on Rs. 2,50,000/- only after availing benefit given under N/N-33/2012.
Rahul Singhania
(Sr. Executive)
(167 Points)
Replied 30 October 2013
Since the firm had applied Scheme under VCES where:
Service Tax Voluntary Compliance Encouragement Scheme, 2013 provides you with a golden opportunity to pay all your ‘tax dues’ from the period 01.10.2007 to 31.12.2012 without interest, penalty and other legal proceedings including prosecution. Apply on or before 31.12.2013 in the prescribed format.
The firm is eligible for exemption of 10 lacs on current turnover of 12.5 lacs i.e. Service tax will be chargeable on 2.5 lacs.
Provided that:
the firm can opt to pay service tax on cash receipt basis if the value of taxable service does not exceeds 50 lacs in the financial year.
Also the firm will not be entitled to claim exemption of 10 lacs in F.Y. 2013-14 as the value of taxable service provided in 2012-13 exceeds 10 lacs.
Sheetal
(Student CA IPC / IPCC)
(28 Points)
Replied 07 January 2014
I have made service tax payment of Rs.250000.Actually the right amount to be paid was Rs.37636. now i want refund of the remaining balance.pls advice me the proper procedure to do so.......
Thank you.
CAclubindia
