VAT and NBT 2013 SME sector

Friday, 23 November 2012 00:01 - - {{hitsCtrl.values.hits}}

At present VAT and NBT are payable by the SME Sector if the turnover exceeds Rs. 650,000 per quarter or Rs. 2,500,000 per annum.

In accordance with the Budget proposals announced on 8 November2012 this limit has been increased to Rs. 12 million per annum. However, VAT and NBT files could not be closed for a minimum period of one year and should continue beyond 31 December 2013 if necessary. Nil return has to be submitted every quarter.

In the case of VAT, there could be outstanding input balance available as at 31 December 2012. This may include balance as at 31 December 2010, which had been allowed to be deducted at 10% per month against VAT output liability with effect from 1 January 2011. This information would be available when VAT return for the quarter ending 31 December 2012 is submitted. Since there is no output liability after 1 January 2003 for people who have annual turnover less than 12 million. I appealed to the Department of Inland Revenue to consider refunding the VAT input outstanding as at 31 December 2012 or permit setting off against income tax liability if any commencing year of assessment 2012/2013 (15 February 2013 is the next date).

I appeal to the Ministry of Finance and Planning to consider my proposal favourably.

S.R. Balachandran

Colombo 6

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.