service tax exemption limit 1000000 cross in first financial year

Querist : Anonymous (Querist) 06 January 2011 This query is : Resolved
i formed a partnership firm from 1/8/2010 and i provided maintanance and repairs services and i registered with service tax departmet with this service.In first year from 1/8/2010 to 31/3/2011 i crossed my exemption limit said 1500000 so can i paid service tax only on 500000 or 1500000. can i get basic exemption limit benefit from very first year or not.

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Raj Kumar Makkad (Expert) 06 January 2011
You shall get exemption up to the prescribed limit and shall be liable to pay tax over the the basic exemption amount say in your case on Rs. 5 lakh.

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