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All You Need To Know About Krishi Kalyan Tax On Services From June 1, 2016

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V.Balasubramani

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[h=1]All You Need To Know About Krishi Kalyan Tax On Services From June 1, 2016[/h]What is a Cess?
It is a tax levied by government to fund some special purpose

What is a Krishi Kalyan Cess?
It is a tax collected by the government levied on the service tax we pay to enhance and finance the agricultural facilities

The News-
Budget 2016-2017, the Finance Act, 2016 under chapter VI has proposed an extra 0.5 % of Krishi Kalyan Cess over the taxable services effective from June 1, 2016 increasing the previous service tax of 14.5% to 15 %.Approved by the Government of India on May 14, 2016 the tax levied under Krishi Kalyan cess is exclusive of Swachh Bharat Cess.

Objective and Particulars –
Service Tax 14%
Swachh Bharat Cess 0.5%
Krishi Kalyan Cess 0.5%
Total 15%

Read more at: http://thelogicalindian.com/story-f...ishi-kalyan-tax-on-services-from-june-1-2016/
 

yesmohan

Well-known member
0.5% Krishi Kalyan Cess on Service Tax which is an indirect Tax (of CBEC) will be passed on to the consumer pubic.
 
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V

V.Balasubramani

Guest
Yes you are right. It will be passed to the consumer public.

As per govt., the objective of the KKC is to gather funds for improving the agricultural activities in order to lend aid to farmers eventually and in a country where the occupation of farming is paramount.
 
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vgane

Well-known member
On a 2.0 lac crore service tax additional 0.5% would earn 6900 crores...Will be of use..But can we know how it is going to be spent?..For example there was education cess earlier & then swachh bharat cess..Can we know in which areas was the money spent?
 

yesmohan

Well-known member
On a 2.0 lac crore service tax additional 0.5% would earn 6900 crores...Will be of use..But can we know how it is going to be spent?..For example there was education cess earlier & then swachh bharat cess..Can we know in which areas was the money spent?
The Controller of Accounts CBEC, Ministry of Finance, New Delhi ought to reveal the details of the estimated /expected quantum of collection, and the proposed area of expenditure etc. to the RTI applicants.
 

vgane

Well-known member
A good one!

hotel_2879876f.jpg


Source:tamil.thehindu.com
 
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