Categories: Direct TaxGST (Goods and Services Tax)Indirect Tax

SWACHH BHARAT CESS

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SWACHH BHARAT CESS (SBS)@ .5% APPLICABLE W.E.F. 15TH NOVEMBER, 2015

With an intent to make a move towards environment protection, Honorable Finance Minister in Finance Bill, 2015, vide clause 117 of Chapter VI, has proposed ‘Swachh Bharat Cess’ (hereinafter referred to as ‘SBC’) @ 2% on the value of services. Today vide Notification No. 21/2015-ST, Central Government appoints 15th November 2015 as the date of introduction of SBC. Central Government has also issued Notification No. 22/2015-ST to exempt all taxable services from payment of SBC in excess of 0.5% of the value of services.

Therefore w.e.f. 15th November 2015 ‘Swachh Bharat Cess’ @ 0.5% will apply on value of all taxable services or we can say w.e.f. 15th November 2015 effective rate of service tax will be 14.5%.

Here, it is pertinent to mention that SBC will not apply on non-taxable services and services which are exempt from service tax.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: singh@carajput.com or call at 9555555480

Tags: Honorable Finance Minister in Finance Billnon-taxable servicesService Taxtaxable services

9 years ago

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.