TaxTMI 
TaxTMI 
Exemption limit
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....xemption limit<br> Query (Issue) Started By: - Mahesh Kumar Dated:- 8-3-2007 Last Reply Date:- 12-3-2007 Service Tax<br>Got 2 Replies<br>Service Tax<br>Mahesh Kumar E-Mail: [email protected] Ph.41513555, 41513646 Kolaba Chambers, C-25/5, Connaught Place, New Delhi 110 001 Dated: March 8, 2007 TAX MANAGEMENT INDIA COM Sir, As per Budget 2007 w.e.f. April 1, 2007 the small entrepreneurs –hav....
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....ing turnover of Rs. 8 Lakhs per annum are out of purview of service tax. Are they automatically out without any further formalities-as the Service Tax department has their gross turnover /receipts figure from service tax returns filed or some Form/ Declaration shall be required from them? A clarification /notification should be issued or Rules, Forms or declaration etc must be framed for the exist....
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....ing entrepreneurs who are already registered and paying service tax and filing their returns shall be exempted. In order to avoid harassment and corruption, like wide publicity of Rules Forms and clarifications for VAT are published, similarly such formalities Forms and draft letters for withdrawing from service tax net for existing registered assesses must be published in newspapers etc in the pu....
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....blic interest . Also such information –Forms etc must be available on website of Service Tax Department too. (Mahesh Kumar) Reply By CA Anurag Bansal: The Reply: In case you have registered under service tax act and also deposited service tax and filing return. But now as your service is of Rs. 8 lakhs or less then also you are required to furnish the nil return if you have not charged S.tax fr....
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....om service receiver. In case you services is 8 lakhs or less and you are charging s. tax from your client then you have also to furnish the return and pay the tax. Means a registered assessee is required to furnish the return. Sec. 70 provides person liable to pay s.tax shall furnish the return.But lateron department has clarified that if you are liable to pay nil than also you have to file nil re....
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....turn. If your services rendered during the year is 7 lakh or less in current (estimated) and in lash 2 or 3 years, you may apply to department to cancel your registration. For more detail contact:- Reply By Surender Gupta: The Reply: It has been already prescribed that as soon as the turnover of an assessee exceed that limit of Rs. 7 lacs (Rs. 3 lacs earlier) he has to comply with the service tax ....
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....formalities. Yes, for the existing assessee who have turnover much less than Rs. 8 lacs (4 lacs upto 31-3-2007)and registered already with the department, the legislature must provide some procedure for surrender of registration certificate. Further, I also agree that a wide publicity must be given for issues related to service tax in line with Income Tax and VAT etc.<br> Discussion Forum - Knowle....
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....dge Sharing ....