john (LEARNER) (549 Points)
25 January 2011ABC Tours & Travels.
what will be the service tax liability in the below case for each year.
F.Y. Turnover/Receipts(service)
2007-08 7,00,000/- (1st year)
2008-09 10,50,000/-
2008-10 8,50,000/-
2010-11 (estimated) 4,50,000/- & if in future the turnover remains below 5lac S.T. aplicability.
Pankaj Arora
(Learner)
(3134 Points)
Replied 25 January 2011
ST applicability depends upon previous year turnover. If in p.y. it was more than 10L. than you should start ST from next f.y. i.e from 1ST April.
s
(-)
(216 Points)
Replied 25 January 2011
You have provided only turnover, but ST is levied on RECEIPT Basis only.
Please provide the details of actual receipts.
Suren
(CHARTERED ACCOUNTANT)
(397 Points)
Replied 25 January 2011
if I assume the data given as realised in the same year then u have to pay tax for the F. year 2008-09 on 50,000/- and for 2009-10 on Rs. 8,50,000/- and so on...
Madhukar N Hiregange
(Chartered Accountant)
(39034 Points)
Replied 27 January 2011
2010-11 the pr yr taxable services being below 10 Lakhs, the exemption upto Rs10 lakhs available. After corssing 10 lakhs of receipt liable. In this case maybe preferable to charge the St from 9 lakhs to avoid a situation of being out of pocket.
This is so even thoughin 2009-10 he wouldbe liable from re. 1. That is because pr yr taxable services provided is more than 10 lakhs.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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