TaxTMI 
TaxTMI 
Benefit of threshold limit to Rs.8 lacs
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....enefit of threshold limit to Rs.8 lacs<br> Query (Issue) Started By: - atul jain Dated:- 6-3-2007 Last Reply Date:- 7-3-2007 Service Tax<br>Got 1 Reply<br>Service Tax<br>I am providing taxable services and for the year 2006-07, the status of my billings and receipts for taxable services are as under : 1. Total taxable Billing : Rs. 9.50 lacs 2. Total consecutive payments received : Rs. 9 lacs ( Ou....
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....t of this Rs.2 lacs pertain to the Bills raised for taxable services in financial year prior to 2006-07),hence payments received for bills raised in year 2006-07 is Rs.7 lacs. On going thru the notif. No. 26/2005 and Notif No. 6/05 which defines "aggregate value of taxable services" and "aggregate value not exceeding four lacs rupees" as the sum total of first consecutive payments received during ....
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....a financial year towards the gross amount,as prescribed under sec-67 of the act , charged by the service provider towards taxable service but………." , we are under impression that in our case , we can avail the benefit of threshold limit being raised to Rs.8 lacs, as payments received by us for the Bills raised in year 2006-07 is only Rs. 7 lacs which does not exceed the limit o....
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....f Rs.8 lacs. Am I right ? Reply By Surender Gupta: The Reply: Since you have rendered the services in the financial year 2006-07 for the value exceeding rs. 8 lacs, you are not entitled to get any exemption in the financial year 2007-08 irrespective of the amount received actually in the financial year 2006-07.<br> Discussion Forum - Knowledge Sharing ....