TaxTMI 
TaxTMI 
My query is, For Financial Year 2005-06 value of services rendered are Rs. 2.5 lacs, it means i am e
26 Mar 2007 
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Service tax liability: supplier pays tax only on amount not covered when recipient is liable to pay.
Advisory treats the insurance company as the recipient liable to pay service tax on the commission component; accordingly, the supplier (sub-broker) is liable only for the remaining brokerage amount not covered by the recipient's liability, reducing the supplier's taxable value to the balance. (AI Summary)
Advisory treats the insurance company as the recipient liable to pay service tax on the commission component; accordingly, the supplier (sub-broker) is liable only for the remaining brokerage amount not covered by the recipient's liability, reducing the supplier's taxable value to the balance. (AI Summary)
My query is, For Financial Year 2005-06 value of services rendered are Rs. 2.5 lacs, it means i am eligible for basic exemption of Rs. 4 lacs for financial year 2006-07. now in 2006-07 i received Rs. 2.5 lacs commission from general insurance co. (liability to pay service tax is on insurance co. and Rs. 4.60 lacs brokerage as sub broker (NSE & BSE). now whether service tax is payable on Rs. .60 lacs.
