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New Due Date for VAT Returns and FAQ on SBC

New Due Date for VAT Returns and FAQ on SBC

(1)  FOR MONTHLY RETURN :  DUE DATE / LAST DATES

MONTHDAYSLAST DATE FOR RETURN FILING
AUGUST – 20157009/11/2015
SEPTEMBER – 20156029/11/2015
OCTOBER – 20156030/12/2015
NOVEMBER – 20154514/01/2016
DECEMBER – 20153030/01/2016
JANUARY – 20163001/03/2016

(2)  FOR QUARTERLY RETURN :  DUE DATE / LAST DATES

QUARTERDAYSLAST DATE FOR RETURN FILING
JULY TO SEPTMEBR – 20156504/12/2015
OCTO. TO DECEMBER – 20153504/02/2016
JANUARTY TO MARCH – 201635

05/05/2016

FAQ on SBC

Q.1 What is Swachh Bharat Cess (SBC)? Ans. It is a Cess which shall be levied and collected in accordance with the provisions of Chapter VI of the Finance Act, 2015,called Swachh Bharat Cess, as service tax on all the taxable services at the rate of 0.5% of the value of taxable service.

Q.2 What is the date of implementation of SBC? Ans. The Central Government has appointed 15th day of November, 2015 as the date from which provisions of Swachh Bharat Cess will come into effect (notification No.21/2015-Service Tax, dated 6th November, 2015 refers).

Q.3 Whether SBC would be leviable on exempted services and services in the negative list? Ans. Swachh Bharat Cess is not leviable on services which are fully exempt from service tax or those covered under the negative list of services.

Q.4 Why has SBC been imposed? Ans. SBC has been imposed for the purposes of financing and promoting Swachh Bharat initiatives or for any other purpose relating thereto.

Q. 5 Where will the money collected under SBC go? Ans. Proceeds of the SBC will be credited to the Consolidated Fund of India, and the Central Government may, after due appropriation made by Parliament, utilise such sums of money of the SBC for the purposes of financing and promoting Swachh Bharat initiatives or for any other purpose relating thereto.

Q.6 How will the SBC be calculated? Ans. SBC would be calculated in the same way as Service tax is calculated. Therefore, SBC would be levied on the same taxable value as service tax.

Q. 7 Whether SBC would be required to be mentioned separately in invoice? Ans. SBC would be levied, charged, collected and paid to Government independent of service tax. This needs to be charged separately on the invoice, accounted for separately in the books of account and paid separately under separate accounting code which would be notified shortly. SBC may be charged separately after service tax as a different line item in invoice. It can be accounted and treated similarly to Education cesses.

New Due Date for VAT Returns and FAQ on SBC

New Due Date for VAT Returns and FAQ on SBC

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