Why does the gov collects tax as SBC and Kristi kalyan instead of directly charging 15 percent as basic charge
Rucha A
(Sr. Associate-Audit and Taxation)
(174 Points)
Replied 24 July 2016
venkat
(CA )
(1518 Points)
Replied 24 July 2016
But instead of charging each thing seperatly can't amount be allocated in budget to SBC and Kristi kalyan and my other doubt is why credit is allowed only for kkc and not sbc
Rucha A
(Sr. Associate-Audit and Taxation)
(174 Points)
Replied 24 July 2016
venkat
(CA )
(1518 Points)
Replied 24 July 2016
Ok while accounting for kkc it's like
Kkc output dr
To kkc input
To payable
But how to account for sbc no credit available can we book it as expense
K.RAJA
(Tax Consultant)
(217 Points)
Replied 24 July 2016
Venkat Sir,
SBC: SBC has been imposed for the purpose of financing and promoting of Swachh Bharat initiatives by Government.
KKC: KKC is Cess which shall be levied and collected in accordance with the Provision of Chaper VI of the Finance Act 2015.
SBC is not integrated in the Cenvat Credit chain. Therefore SBC cannot be availed.
venkat
(CA )
(1518 Points)
Replied 24 July 2016
Ok can we account sbc ad expense please tell how to account it I am confused
CAclubindia
