Exemption Limit for Small Service Providers Raised to Rs. 8 Lakhs; Registration Exemption Increased to Rs. 7 Lakhs, per Notification No. 6/2005.
Effective April 1, 2007, the exemption limit for small service providers is increased to Rs. 8 lakhs annually, provided their previous year's taxable services did not exceed this amount, as per Notification No. 6/2005. Additionally, the exemption from registration is raised from Rs. 3 lakhs to Rs. 7 lakhs. Service providers opting for this exemption can surrender their Service Tax Registration Certificate after filing all required ST-3 returns up to March 31, 2007, and settling any service tax dues. The application format for surrendering the registration certificate is provided, requiring reasons for surrender and confirmation of tax compliance.
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