What is the limit of service tax registration?
All service providers in India are required to obtain service tax registration once the annual aggregate taxable services revenue exceeds Rs. 9 lakhs. Service tax payment or liability accrues once the aggregate value exceeds Rs. 10 lakhs.
When should we register for service tax?
service tax. 17. Any person is required to apply for registration no later than the last day of the following month after being liable to register. The effective date of the registration shall be on the first day of the following month after the month in which he made an application for registration.
What is the time limit for Service Tax notice?
The SCN is barred by Limitation The said section lays down a time limit of 30 months from the relevant date. The relevant date is separately provided under section 73(6) as the date when the return was due to be filed.
Is GST applicable if turnover is less than 40 lakhs?
Businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh. Additionally, those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1 per cent tax.
What is taxable turnover in service tax?
Although Service Tax is required to be paid only when the aggregate value of services provided exceeds Rs. 10 Lakhs in a financial year, the service tax provider is required to apply for Registration for Service Tax within 30 days of his turnover exceeding Rs. 9 Lakhs.
What is the time limit for service tax notice?
How do you calculate Service Tax?
Find the total sales price for taxable goods and services When you calculate the amount of sales tax a customer owes for the purchase of several goods or services, add the listed sales price of each taxable item together to find the total taxable sales price.
Which is the limit for service tax registration?
Service tax registration is one time Job and from your fact it seems that your turnover will increase from 9 lakh even 10 lakh sooner or later so you should go far registration. Further 9 lakh limit is for taxable service provided , service exempted not to be counted . Delete
What is the turnover limit for CGST in India?
As per section 22 (1) of CGST Act, every supplier shall be liable to be registered in the State or Union Territory (other than special category states) from where he makes supply of goods or services or both, if his aggregate turnover in a financial year exceeds Rs. 20 lakhs.
Is there a limit on registration for GST?
However, registration is to be taken state wise, there is no central registration. Based on latest GST amendment, following persons are liable to get register under Goods and Service Tax: GST registration limit in 2021. Whether you need to register?
When do you have to pay service tax?
Then no need to pay service tax . If in the previous financial year aggregate value of taxable services provided was less than 10 lakh but this year aggregate value of taxable services provided is more than 10 lakh them you start paying service tax after crossing the threshold of Rs 10 lakh.