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of <h1>Service Providers Can Opt Out of 10 Lakh Exemption Anytime in Financial Year, Irreversible Decision, CENVAT Credit Post-Tax Payment.</h1> Service providers have the option to forego the value-based exemption of up to 10 lakhs and pay service tax on taxable services. This choice can be made at any point during the financial year, but once chosen, it cannot be reversed within that year. After opting out of the exemption, service providers can begin claiming CENVAT credit. According to Notification No. 33/2012, effective from July 1, 2012, CENVAT credit is available only for inputs or input services received after the provider starts paying service tax and used for taxable services.
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