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TMI BlogLiability of service tax payment for service receiver in case of Reverse charge mechnisem under works contractX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Team, Please guide me on Liability of service tax payment for service receiver in case of Reverse charge mechnisem under works contract; Whether exemption limit of Rs.10 Lacs will be available to service receiver (as a corporate). If above exemption limit is available, how to check monetary limit for exemption? Suppose above exemption limit will not be available than what is the gui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deline for payment of service tax? Any reference of section, notification, and guideline would be helpful for me. - Reply By JAMES PG - The Reply = Whether exemption limit of Rs 10 Lacs will be available to service receiver - Not available to the recipient If above exemption limit is available, how to check monetary limit for exemption?- Taxable turnover of the previous financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year /current year shall not exceed Rs 10 lacs Suppose above exemption limit will not be available than what is the guideline for payment of service tax?. On fifty % of the value, ST needs to be paid subject to the valuation Rules as per Not 24/2012 dated 6th June,12 - Reply By umesh kumar - The Reply = Dear sir, Thanks for your valuable guidance. It means as a service re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceiver we have to deposit service tax on works contract so:- Is any service tax registration required for this because we are manufacturering co. . Some amount of service tax has already paid by us to the contractor after 01-07-12 for WO issued after 01-07-12. Because they had charged full amount of service tax in their invoices. Now what is remedy available for this what is our respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sibility for already paid service tax? - Reply By JAMES PG - The Reply = For payment of Service Tax under reverse charge, you have to get registered with Service Tax Dept. It is better to pay Service Tax as per the joint liability cast upon by you under Section 66B of the Finance Act . Even if the service provider has paid 12.36%, Dept may raise a demand on you. Hence recover t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he excess amount of ST paid from the service provider and discharge your liability - Reply By Harsh Jindal - The Reply = Dear Kumar, 1. No exemption is avialable for service rceiver under RCM. 2. Refer to Point No. 1 3. You have to get registered under Service Tax Dept. and pay the tax as per the valuation rules. - Liability of service tax payment for service receiver in case of Reverse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... charge mechnisem under works contract - Query Started By: - umesh kumar Dated:- 16-8-2012 Service Tax - Got 4 Replies - Service Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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