INTERVIEW QUESTIONS TAX KRISHI KALYAN CESS DETAILS

Question: What is the meaning of Krishi Kalyan Cess (KKC)?

Answer: It is a Cess which shall be levied and collected in accordance with the provision of Chapter VI of the Finance Act, 2015 called Krishi kalyan Cess, as Service Tax on all Taxable Services at the rate of 0.5% of the value of Taxable Services.

The Union Budget, 2016 proposed in Finance Bill, 2016 to impose a new Cess, called the Krishi Kalyan Cess, @ 0.5% on all or any taxable services, proceeds of which would be exclusively used for financing initiatives relating to improvement of agriculture and welfare of farmers. The Cess came into force with effect from 1st June, 2016. Input Tax credit of this cess will be available for payment of this cess.

It is a Cess which shall be levied and collected in accordance with the provision of Chapter VI of the Finance Act, 2015 called Krishi kalyan Cess, as Service Tax on all Taxable Services at the rate of 0.5% of the value of Taxable Services.

The Union Budget, 2016 proposed in Finance Bill, 2016 to impose a new Cess, called the Krishi Kalyan Cess, @ 0.5% on all or any taxable services, proceeds of which would be exclusively used for financing initiatives relating to improvement of agriculture and welfare of farmers. The Cess came into force with effect from 1st June, 2016. Input Tax credit of this cess will be available for payment of this cess. Source: CoolInterview.com

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