The SRB-1 Form is the monthly sales tax return every registered business must submit. It captures three things: the output tax you collected from clients during the month, the input tax you paid on your own purchases, and the net tax payable to the SRB after the adjustment.
| Item | What it Means |
|---|---|
| Output Tax | Sales tax charged to your clients on taxable services |
| Input Tax | Sales tax you paid on purchases used in your business |
| Net Tax Payable | Output tax minus input tax – this is what you remit to the SRB |
of every month, without exception. Missing it is not a minor administrative slip. It triggers an immediate Rs. 5,000 penalty per return, plus interest on any tax that was due but unpaid.