Service Tax Limit The aggregate value of taxable services rendered by a provider of taxable service from one or more premises does not exceed Rs 10 lakhs in the preceding financial year
What is Exempted vide notification No 33 2012 Service Tax Central Government has exempted taxable services of aggregate value not exceeding ten lakh rupees in any financial year from the whole of the service tax leviable thereon under As per Service Tax Law it is mandatory for the following categories of persons to obtain registration Every person liable to pay service tax under Reverse Charge An input service distributor Every provider of taxable service whose aggregate value of taxable service exceeds 9 lakhs in a financial year
Service Tax Limit
Service Tax Limit
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IRS Tax Forms Internal Revenue Service Tax Return Casualty Loss Return
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Get To Know About The Penalty For Late Filing Of Service Tax Return
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A Small service provider whose value of taxable service from one or more premises did not exceeds Rs 10 lakhs in previous financial year will be exempt from tax in next financial year upto first consecutive payment of Rs 10 lakhs received Introduction of new rules for taxation of services necessitate a guide that gives a bird s eye view of all relevant provisions of service tax law This publication is an attempt to be facilitator and a reference guide to the current law The provisions reproduced in this publication are current as on 30th November 2013
1 Sec 66 of the Finance Act 1994 Act for short provides that the service tax shall be levied by the service providers who are coming the net of service tax Sec 66A of the Act provides for the charging of service tax on services received from outside India For the purposes of determining aggregate value not exceeding ten lakh rupees to avail exemption under this notification in relation to taxable service provided by a goods transport agency the payment received towards the gross amount charged by such goods transport agency under section 67 of the said Finance Act for which the person liable
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SEMINAR ON SERVICE TAX TAXABLE TERRITORY POINT OF
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Tax Inclusive Exclusive
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Tax App
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Services received by eligible educational institutions are exempted from service tax i transportation of students faculty and staff of the eligible educational institution ii catering service including any mid day meals scheme sponsored by the Government What is Exempted vide notification No 33 2012 Service Tax Central Government has exempted taxable services of aggregate value not exceeding ten lakh rupees in any financial year from the whole of the service tax leviable thereon under section 66B of the said Finance Act
Service tax registration has to be done by a business when the turnover exceeds Rs 9 lakh in a financial year However service tax is required to be paid only when the turnover goes beyond Rs 10 lakh How are the service tax or VAT returns to be filed Suppose your aggregate turnover of all taxable services remained 11 lakhs in the year 2014 15 you paid Service Tax on value of Rs one lakh only In 2015 16 you were not eligible for small scale exemption
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Old Tax Regime Vs New Tax Regime For The Assessment Year 2024 25
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The aggregate value of taxable services rendered by a provider of taxable service from one or more premises does not exceed Rs 10 lakhs in the preceding financial year
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What is Exempted vide notification No 33 2012 Service Tax Central Government has exempted taxable services of aggregate value not exceeding ten lakh rupees in any financial year from the whole of the service tax leviable thereon under
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Service Tax Limit - Let s say a small shop owner charges service tax to the customers But in the financial year the limit for service tax is not reached i e remains below 10 Lakhs say at 8 5 lakhs What should the shop owner do with the amount he has collected in advance as service tax from customers
